My question involves collection proceedings in the State of: Wisconsin
My mother/stepfather gave myself and my spouse $23,000 after our house burnt down (we were under-insured) to be used as a down payment on our next house. This was given as a gift (verbal agreement only). Because of the process w/insurance and owning a house/having a mortgage, they also co-signed the loan on the next house purchase which was in 2013.
Summer of 2017, we sold that house. They signed off on all paperwork at title company/bank and had the check for the profits put solely in my/my spouses name. The profits were then used for our next house purchase which they have no interest in (not cosigners, etc.)
Fast forward to December 2017, our relationship has deteriorated due to the emotional abuse/instability in their relationship. After years of emotional abuse between them and towards me, I have cut all ties to protect my children (an incident of emotional abuse was directed at my seven year old in December and that was my final straw.) Both my mother/stepfather have had an increase in mental health issues over the years.
Yesterday, my husband and I received a registered letter from them (not an attorney) stating that that money was a loan, that we agreed verbally it was a loan when it was given, and again when we sold our last house. They state that the agreement was that we would have them as a second mortgage on both the first house and the second. (The first house we were joint tenants with rights of survivorship, so there was no second mortgage.) When we bought our new house, there was no written agreement in any way.
They want us to respond to them and give them the money back, sign a second mortgage to them or come up with a repayment plan. Of course, this was 100% a gift, we can't afford to give them any money (and they do not need any more, they are financial stable/secure - this is an emotional abuse power play.)
I'm questioning what we do - do we ignore letter until we hear a more formal request from an attorney? Do we hire an attorney now? Will we lose in a court case based on words alone? What type of attorney do we even contact for this?
There is no documentation of a gift vs loan. My husband/I say gift, my mother/stepfather say loan. No one else was involved. The money was transferred to my husband/my bank account directly from my mother/stepfather nearly five years ago.
My mother/stepfather gave myself and my spouse $23,000 after our house burnt down (we were under-insured) to be used as a down payment on our next house. This was given as a gift (verbal agreement only). Because of the process w/insurance and owning a house/having a mortgage, they also co-signed the loan on the next house purchase which was in 2013.
Summer of 2017, we sold that house. They signed off on all paperwork at title company/bank and had the check for the profits put solely in my/my spouses name. The profits were then used for our next house purchase which they have no interest in (not cosigners, etc.)
Fast forward to December 2017, our relationship has deteriorated due to the emotional abuse/instability in their relationship. After years of emotional abuse between them and towards me, I have cut all ties to protect my children (an incident of emotional abuse was directed at my seven year old in December and that was my final straw.) Both my mother/stepfather have had an increase in mental health issues over the years.
Yesterday, my husband and I received a registered letter from them (not an attorney) stating that that money was a loan, that we agreed verbally it was a loan when it was given, and again when we sold our last house. They state that the agreement was that we would have them as a second mortgage on both the first house and the second. (The first house we were joint tenants with rights of survivorship, so there was no second mortgage.) When we bought our new house, there was no written agreement in any way.
They want us to respond to them and give them the money back, sign a second mortgage to them or come up with a repayment plan. Of course, this was 100% a gift, we can't afford to give them any money (and they do not need any more, they are financial stable/secure - this is an emotional abuse power play.)
I'm questioning what we do - do we ignore letter until we hear a more formal request from an attorney? Do we hire an attorney now? Will we lose in a court case based on words alone? What type of attorney do we even contact for this?
There is no documentation of a gift vs loan. My husband/I say gift, my mother/stepfather say loan. No one else was involved. The money was transferred to my husband/my bank account directly from my mother/stepfather nearly five years ago.
Loan Agreements: Gift vs. Loan
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