House, my pet name. Mother put down sum and compensated monthly mortgage. She bailed, I sold house who get equity?
My credit was on the line. My credit be at stake when she decided to leave and not wages the mortgage or any bills for two months. She did not contact me or give any forwarding info. After the house sold. She wants adjectives the equity. Her name not on any paperwork, no written contracts. All my responsibility. Does she have a valise against me?
Answers:
Let your conscience be your guide.
You are the owner of the house if your name is ion the warranty creation.
Your mother, however, owed the money due on the mortgage, but did not have any claim on the actual property. YOUR credit was not at stake, but your house be. If you didn't sell the house and pay past its sell-by date the equity, nothing would be reflected on your credit because YOU didn't owe any money on the house. The house, however, be collateral for the loan so if they foreclosed, you would have lost your house.
I'm not a lawyer any, but your mother has no claim on the property. She knew when she get the mortgage (or should have known if she be paying attention) that she was getting a loan for a house she didn't own. Why should she expect to get any proceeds from the mart.
Equity is the difference between the current value of the home, and what is still owed on it. You don't have any equity because you don't own the house anymore. What you hold is loan proceeds, and that's what your mother wants.
If I were a judge (and I'm NOT a adjudicate nor lawyer) this is how I would see your situation:
Legally, the property is in your name solitary. You are bottom-line responsible for taxes, mortgage, hoa fees, on & on. If something goes awry, they come after you, not your mother.
I would see your mother as a tenant. If you had any written or oral agreement of payments for the property, it is binding, and she be liable for payment, irregardless of if she made the payments out to you or to your mortgage company. (For example, if you paid on someone else's credit card, the cardholder would obtain credit for the payment, not you).
Right now, my ex husband have the house that was put in BOTH our name. We divorced. He has not turned over the document that declares that the house is out of my nickname and is only his responsibility. He would have to REFINANCE the mortgage to literally attain me off. He REFUSES to do that. I have call the mortgage company 2x in the last 5 years, and verfied by different individuals, that if my ex spouse were to stop paying on the mortgage, they would come after me. Uh huh. Me. The divorce documents are not at legally binding as a Refinance to totally rid my mark on the title. A Quick Claim Deed has no pull, despite what you hear.
So, YOU get hold of the equity. She has the "tenant" status since her name be and is not on the note. The mortgage company, the taxing entities of your city, county and state do NOT recognise her as a legal body. Joe Smith from Allentown Pennsylvania could have been paying your mortgage for adjectives they care. Bottom line, you own, you signed the sale documents, you get the equity. She's SOL, buddy.
050509 5:32
since the house is in your label ONLY, you would be the only one entited to the equity - by law.
HOWEVER, she be the one that put all the money up and made all the payments on your behalf. You taking adjectives the equity really isn't fair, is it. At the very least possible, I would pay her back the downpayment and even the principle that be paid.
If you want the legal answer, the equity is most expected yours. If you want to keep peace in the people, you should work something out with Mom. Was the down payment from her a offering? Was it in writing? She paid the mortgage except for 2 payments? Your mom newly bailed on you after making your down payment and monthly payments? All you put into it was sign your mark to the deed. If it was really your house, why wouldn't you product the payments? If I was your mom, I'd probably bail too!
You right to be heard you have a house with the title within your name alone? Whose name is/are on the mortgage loan?
She would have a terrifically strong argument in her favor if she showed up with copies of adjectives the checks she wrote and a good lawyer.
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Answers:
Let your conscience be your guide.
You are the owner of the house if your name is ion the warranty creation.
Your mother, however, owed the money due on the mortgage, but did not have any claim on the actual property. YOUR credit was not at stake, but your house be. If you didn't sell the house and pay past its sell-by date the equity, nothing would be reflected on your credit because YOU didn't owe any money on the house. The house, however, be collateral for the loan so if they foreclosed, you would have lost your house.
I'm not a lawyer any, but your mother has no claim on the property. She knew when she get the mortgage (or should have known if she be paying attention) that she was getting a loan for a house she didn't own. Why should she expect to get any proceeds from the mart.
Equity is the difference between the current value of the home, and what is still owed on it. You don't have any equity because you don't own the house anymore. What you hold is loan proceeds, and that's what your mother wants.
If I were a judge (and I'm NOT a adjudicate nor lawyer) this is how I would see your situation:
Legally, the property is in your name solitary. You are bottom-line responsible for taxes, mortgage, hoa fees, on & on. If something goes awry, they come after you, not your mother.
I would see your mother as a tenant. If you had any written or oral agreement of payments for the property, it is binding, and she be liable for payment, irregardless of if she made the payments out to you or to your mortgage company. (For example, if you paid on someone else's credit card, the cardholder would obtain credit for the payment, not you).
Right now, my ex husband have the house that was put in BOTH our name. We divorced. He has not turned over the document that declares that the house is out of my nickname and is only his responsibility. He would have to REFINANCE the mortgage to literally attain me off. He REFUSES to do that. I have call the mortgage company 2x in the last 5 years, and verfied by different individuals, that if my ex spouse were to stop paying on the mortgage, they would come after me. Uh huh. Me. The divorce documents are not at legally binding as a Refinance to totally rid my mark on the title. A Quick Claim Deed has no pull, despite what you hear.
So, YOU get hold of the equity. She has the "tenant" status since her name be and is not on the note. The mortgage company, the taxing entities of your city, county and state do NOT recognise her as a legal body. Joe Smith from Allentown Pennsylvania could have been paying your mortgage for adjectives they care. Bottom line, you own, you signed the sale documents, you get the equity. She's SOL, buddy.
050509 5:32
since the house is in your label ONLY, you would be the only one entited to the equity - by law.
HOWEVER, she be the one that put all the money up and made all the payments on your behalf. You taking adjectives the equity really isn't fair, is it. At the very least possible, I would pay her back the downpayment and even the principle that be paid.
If you want the legal answer, the equity is most expected yours. If you want to keep peace in the people, you should work something out with Mom. Was the down payment from her a offering? Was it in writing? She paid the mortgage except for 2 payments? Your mom newly bailed on you after making your down payment and monthly payments? All you put into it was sign your mark to the deed. If it was really your house, why wouldn't you product the payments? If I was your mom, I'd probably bail too!
You right to be heard you have a house with the title within your name alone? Whose name is/are on the mortgage loan?
She would have a terrifically strong argument in her favor if she showed up with copies of adjectives the checks she wrote and a good lawyer.
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