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My Father is going to talk to an attorney tomorrow, but I have a bet with him about this, and I wanted to see if anyone knows the answer to these questions before then.
I have one brother Scott, he is my real brother, and I have a half brother Butch.
Over the years my Father has re-financed his home to buy cars etc. and he also has a 2nd mortage on the house. My half brother Butch started paying on one of my Fathers mortages a few years ago. Butch did this to help my Father make it through the month without going broke before the end of the month.
So right now my Father owes a lot of money to the bank, on his home loan, he pays $406 a month on one mortage, and Butch pays $300 a month on the 2nd mortage.
Now in his will he gives the house to me and my brother Scott. My Father tells me that if he dies, Butch plans to take the whole house and kick me out so he can move his daughter in.
I think that if my Father gives the house to me and Scott in his will that makes me and my brother 2/3 owners, and the first mortage payment of $406 transfers to me and Scott. Then as long as we keep paying that $406 a month Butch can not come and take the house. Unless he buys both of us out.
Does anyone know if I am right. It dont seem possible to me for Butch to be able to take a house away from 2 guys who are 2/3 owners when he is only a 1/3 owner. I am not an attorney, so I dont know.
My Father seems to think Butch can just take the house when he dies, I say that is not possible. Unless we do not pay that $406 a month payment, or unless Butch pays off the balance of my Fathers loan.
I can tell you between the 2 home loans almost as much is owed on the house as it's worth. So if it was sold it would probably just pay off the 2 loans with no money left over. He basically borrowed against all the equity in the house, and he will die long before he ever comes close to paying that loan off.
So I want to know if my Father wills the house to me and my brother Scott, and we keep paying the $406 a month house payment can Butch just come in and take the house from us.
I dont think so, it dont seem possible. If anyone has any thoughts on this I'd like to hear them. And we do plan to talk to an attorney tomorrow, so I will find out then.
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