Hold real property title but house was bought.....

[privateuser]

I hold the title to a home that someone else paid for. What can I do? The property was purchased for $30,000. but is now completely gutted down to the studs with zero utilities or mechanicals installed, virtually a shell.

I am in dire straits and need to file but cannot have this property taken for obvious reasons.

Thanks for any insight.
- Marty

[newbie2]

I would have it appraised and see if it falls in your states exemptions. From what you described I would bet it isn't worth much now.

[privateuser]

New York = No Wild Card....

The only exemption that would help me in this case would be a wild card but New York does not have such an exemption.

Yah I guess I should have it appraised asap, I will need that number sooner or later.

Thanks.

[HHM]

What was the plan with the property. Someone else paid for it, but you are on title; why?

To give you any insight, it would be helpful to know why and how you got into this particular situation.

[privateuser]

Here is the scenario....

Having held the property for four years now. The original intention was to gut/remodel with the idea of moving in or selling depending on how the final renovation came out. The property was purchased solely with monies from my father, but was titled in my name because ultimately it was a loan rather than a gift.

As life has it... things have happened and well the project was put on the backburner for well over 2 years now. I pay for all the upkeep utitlites,insurance, taxes .etc

So this is my question what can I do here? I cannot lose the property because then my old man would be out 30K. Don't think he will be too keen on that whole plan.

- Marty

[blessed]

You need to find out if there is a homestead exemption in your state. (For my state I think it is 40k for a couple) If the property isn't worth much because of the condition it's in, you very well could exempt it. You need to talk to an attorney about it.

[privateuser]

Thanks Blessed....

However the "Homestead" real property has to be inhabited by the debtor in order to qualify. I saw the homestead exemption... thought I had solved my problem but read on and well here I am.

- Marty

[blessed]

Oh yeah, crap. I forgot that important detail. Did you set up a couple consults to interview attorneys yet?

[HHM]

Where do you live now, in a rental.

If this was a loan, did your father record a lien on the property? (note, too late to do that now if you didn't).

I wouldn't rule out the homestead just yet, but it may be a tough argument to win.

[privateuser]

Here we go....

Where do you live now, in a rental? Yes a rental.

If this was a loan, did your father record a lien on the property? That would be a NO