A little over 5 yrs. ago (64 payments ago, to be exact) my husband's dad sold us his home.With the agreement he would hold the mortgage. We agreed to pay the some of $450.00 a mth. for 17 yrs.That total comes out to $91,800.00. With our understanding that interest was included. He told us that if we went to a bank & got a mortgage, that that's what we would end up paying,when the loan was repaid. Meaning appraisal price plus interest rate. We thought this was a great deal, & were renting at the time, & could not afford the rent, as it had been raised. Over the past 5 yrs. we have done many home improvements, including enclosed porch the whole end of the house.New carpeting ect. We have alot of bills, such as most homeowners do. We went to the bank to get a equity loan, to consolidate some of our bills. Figuring we had paid almost $30,000.on our home. What we found out was, #1,my father-in-law had a lien on the house, #2,how the agreement was written, interest was not included, so the bank told because of how our agreement was written with him, we had no equity in our house, & that actually going by our assessment value, we actually owed more than the value of the house. We want to break this contract with him & get all our home improvement money back plus, money we've paid in the last 5 yrs. in taxes. The rest we'll have to chalk up as paying rent! Help us PLEASE! | 
07-24-2001, 03:14 PM
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