About ten years ago, a real estate deal my father and uncle worked on went belly up. Somehow, my father wound up owing my uncle about $50,000, mostly because my uncle took out a HELOC to finance a deal.
My uncle, to cover his ass, asked my dad for a notarized letter confirming my dads intent to pay off the debt and in case my father should pass, that my sister and I would cover the debt.
I was young and stupid and signed it to support my dad. I am now getting married in December and am terrified that one day my wife and I will be responsible for this debt.
I am angry at myself, angry at my dad and angry that no one in my immediate family said "hey, that is probably a bad idea."
It is my understanding that since I and my sister did not stand to receive anything in exchange for taking on this debt, that it may not be a valid contract.
But what are my options? I have asked my father to provide me the letter. My plan is to speak with a lawyer, review said letter and see what options he suggest.
I am pretty scared that I may have signed away my future. I am an idiot.
Submitted September 08, 2018 at 03:46PM by nephew619 https://ift.tt/2wSKw8s
