What to do if my sister was divorced about 9 years ago and there was a house involved from which she now needs the equity?

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What to do if my sister was divorced about 9 years ago and there was a house involved from which she now needs the equity?

The home was owned by my sister, her husband, her brother-in-law, and her sister-in-law. The agreement made as to the house was that my sister would get her share (valued at $75,000) only when the house was refinanced or sold. There were no time constraints placed on this. She was also told that she would get no interest when she finally did get her share. At this time, there are no minor children living in the home. My sister now has stage 2 kidney cancer and is living with friends because she cannot work due to the cancer. She is also indigent. Is there anything she can do to try to get her share of the money for the house?

Asked on December 17, 2012 under Family Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

One option for your sister who needs money for medical purposes is to sell her interest in the unit to other members of the venture and essentially get bought out by the others. One way to accomplish such is to have the property refinanced to raise the necessary money. I suggest that she and the others consult with a real estate attorney to assist in the matter.


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