My husband and I have lived in his mother's house for a year and paid the mortgage during that time. Now she wants to sell it to us. Do we have any vested interest that we can take advantage of in the purchase of the home in regards to the year's worth of mortgage that we paid?
2006-12-10 16:15:18 · 7 answers · asked by surgicalmommy 2 in Business & Finance ➔ Renting & Real Estate
The answer is simply YES. Just take it like your mom was your co-signer, have your mom refinance the home under your name so she can get out of the home and title and you need to show proff that you have paid the mortgage (cancelled checks will do).
2006-12-10 16:37:32 · answer #1 · answered by david l 1 · 0⤊ 0⤋
Not unless it was agreed to previously. You may try to assume the mortgage and then you would have the benefit. His mother probably wants the equity in the house that has grown since she started the mortgage initially.
2006-12-10 16:20:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nope. The fact that you paid her mortgage doesn't give you any vested interest in her house or claim on ownership of the house.
2006-12-10 16:17:25 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
If the mortgage you were paying was higher than the fair market rent of a similar home, then it would be fair for her to count the "extra" toward your down payment. Otherwise, no.
2006-12-10 16:25:29 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
you can ask the mother if she will take price the house lower for you since you paid her mortgage for a year
2006-12-10 16:18:14 · answer #5 · answered by tiare 3 · 0⤊ 0⤋
No. Those are two separate transactions. You rented the home for a year (at least she didn't make a profit off you) and now you want to buy.
2006-12-11 00:37:10 · answer #6 · answered by kingstubborn 6 · 0⤊ 0⤋
Nope. You rented.
2006-12-10 16:17:17 · answer #7 · answered by CP 4 · 0⤊ 0⤋