user2601201's Advice

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user2601201 wrote:

Question On Gift Of Equity Loan and Trust

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I agree, if my brother was using his 25% of his inheritance has a down payment, but he was using his 25% and then an additional 15% gift of equity, basically using 40% as a down payment so he wasn't borrowing as much money.  That 15% is some of my inheritance and I sure wouldn't gift it to him since he's lived in the property for 6 years and not paid a dime.  The offer isn't going to be accepted.  I just wondered if anyone here dealt with loans, knew who had to sign a gift of equity letter if the house was in a trust with more than one beneficiary.  The contract his realtor wrote up also had the "trust" paying her 3% commission.  We didn't hire her, my brother did.  He's hired an attorney because my sister (as the trustee) is having him evicted from the house so we can finally sell it after six years.
November 25 2012
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Question On Gift Of Equity Loan and Trust

Answer
Nobody wants to buy the house except for my brother.  My sister and I just want our 25% of the money from the sale of the house our mother left us.  My brother has lived in the house rent free for 6 years because my other sister who was trustee let him while we all paid the property taxes.  She finally stepped down after my sister and I consulted an attorney and she found out she could be in big trouble.  She probably would have gifted him the 15% without our knowlege but she stepped down right before he got pre approved for the loan.  I was just wondering if a mortgage company would accept a gift equity letter when there are more than one beneficiary named in the trust or if they would want to see said trust.
November 24 2012
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Question On Gift Of Equity Loan and Trust
My Mothers house is in a trust and she passed away in 2006 (yes, it's still not settled due to the previous trustee not doing anything).  There are four of us kids named as beneficiaries.  My brother, who still lives in the house applied and got a pre approved loan well below the market value of the house and part of that FHA loan was a 15% gift of equity.  Who has to sign the letter of gift equity for that?  All the beneficiaries or only the trustee?  I just wondered if the trustee could "gift" any of my money from the house I am supposed to get?
November 24 2012
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