Full question:
My dad borrowed $360,000 dollars against his house and bought me a house with loan. He paid cash for my home, but kept title for himself. A year later he added me to title as co-owner. Another year later he signed over grant deed to me as sole tenant. There never was a written agreement or contract between myself or my dad on this borrowed money in his name. I have paid my dad every month in full for the bank loan payment for about 2 1/2 years running now. I have since borrowed $235,000 against my home and also make full payment to bank for that loan. I also pay all taxes on property. Now all of a sudden my dad wants his $360,000 loan paid off or the house back. Does he have any legal right to my home?
- Category: Real Property
- Date:
- State: California
Answer:
Since the house is now in your name and you have a loan against it, it would be challenging for your dad to take the home back. This assumes that no document was signed or recorded that established a lien on the property by your father before you received the deed or took out the loan. However, your dad could still potentially sue you. We cannot assess the merits of any claim he might make in court.
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