[wendys]

(Please forgive me if this is a duplicate - the site said I hadn't asked any questions, and I was concerned that this one didn't make it somehow.)

My brother is sole executor of my recently-deceased mother's trust. She left her house equally to both. I need money right now to bring my mortgage and equity line of credit current and to avoid foreclosure.

My brother has taken out a line of credit on my mother's house, and wants to write cashier's cks. To my two lenders, from this account that bears his name only. The line of credit was taken out for expenses that both of us might have prior to the distribution of my mother's estate. I have requested that he split the amount and transfer half into my account so that I can take care of these debts myself, and he has refused. He seems quite adamant that he be the one to write these checks, which is usually a warning sign to me that he's trying to screw me over in some manner.


Q: If he writes these checks (based on an equity line of credit for jointly owned property),
Would he have any claim on my house?? I do not trust my brother, with whom I've had a lifetime acrimonious relationship. I am afraid that he has something up his sleeve. Help! This is very time-sensitive. Anyone?

[Fr_Chuck]

Well first he should not have been able to get a line of credit on that property that is currently in probate. Esp without the probate judges approval. I will assume he is the execitor of the estate ?
But yes it sounds like you had better know exactly what he is spending, on what for.

Or just have him write you a check for you 1/2 value of the home and let him keep it in his name.

The home should have just been sold, not borrowed against.

[wendys]

To FR_Chuck,

Thanks much for your rapid response to my question. If you have the time/inclination, please read further:

The house was included in my mother's trust, as is all of her estate, so my understanding is that nothing will need to go through probate. The plan is to sell the house as soon as possible and split the proceeds.

I am less concerned with being able to track my brother's expenditures on the line of credit, as those are relatively easy to track.

I am sole owner of my own house, which is in pre-foreclosure now. I am most concerned about whether there are any legal/ownership implications when he uses the line of equity on my mother's house, which is ONLY in his name, to pay off my amt. owed to my first mortgage company, and to my second - a line of credit. WOULD HE HAVE ANY CLAIM TO PARTIAL OWNERSHIP IN MY HOME? My name is the only one on the deed to my home.

Thanks for your response.
- Wendy

[excon]

Hello wendy:

Nahhh. I could write checks to your mortgage company for your account. It wouldn't give me any claim to your property.

excon

[starwarsgal]

Oh wow, I am so sorry for your situation.
Be very careful, if your brother is making payments under HIS name to your lenders/for mortgages- YES, this is a bit of a conflict - this gives him some 'interest in your property"
Just contact your lenders and make sure they know to apply the payment to your account,
In the event you chose to refinance, a letter of explination may cure this.
I hope this helps.