What is the name of your state? CA
My husband and I have a big problem, my mother-in-law. In October my sister-in-law talked all of us into selling my mother-in-law's mobile home, her retiring and moving in with us to take care of my child. She originally invested $20,000.00 which went towards paying off the private loan my sister-in-law gave us towards the down payment of the house.
The purchase price of the house was $230,000 in Merced, CA ($180,000 interest only mortgage and $50,000 private loan from my sister-in-law). In January 05, I received a big inheritance from my grandfather's estate. I paid off the remaining $30,000 owed on the private loan and my mother-in-law's car ($7000). Plus I cashed out my IRA and stock for the rest of the down payment and paid the closing cost on both houses.
Since then I have personally invested in a water treatment system for the house ($7000) and triple paned windows ($12,000). My mother-in-law pays nothing.
To make a long story short, she is on the mortgage and title. The mortgage is under her and I and the title is under my mother-in-law, my husband and myself. She is now driving us crazy. We want to sell the house, give her the $20,000 plus interest (or fair market value) and go our seperate ways. Or refinance the loan into my husband and I name.
If we refinance how do we get her off title? does she have to agree? what is she legally entitled to for her to be bought out? if we sell, what is she legally entitled to?
I am the only one solely working to support my husband, baby and her. I find it really unfair that she is profiting from my money that I am solely putting into the house. Help!!
My husband and I have a big problem, my mother-in-law. In October my sister-in-law talked all of us into selling my mother-in-law's mobile home, her retiring and moving in with us to take care of my child. She originally invested $20,000.00 which went towards paying off the private loan my sister-in-law gave us towards the down payment of the house.
The purchase price of the house was $230,000 in Merced, CA ($180,000 interest only mortgage and $50,000 private loan from my sister-in-law). In January 05, I received a big inheritance from my grandfather's estate. I paid off the remaining $30,000 owed on the private loan and my mother-in-law's car ($7000). Plus I cashed out my IRA and stock for the rest of the down payment and paid the closing cost on both houses.
Since then I have personally invested in a water treatment system for the house ($7000) and triple paned windows ($12,000). My mother-in-law pays nothing.
To make a long story short, she is on the mortgage and title. The mortgage is under her and I and the title is under my mother-in-law, my husband and myself. She is now driving us crazy. We want to sell the house, give her the $20,000 plus interest (or fair market value) and go our seperate ways. Or refinance the loan into my husband and I name.
If we refinance how do we get her off title? does she have to agree? what is she legally entitled to for her to be bought out? if we sell, what is she legally entitled to?
I am the only one solely working to support my husband, baby and her. I find it really unfair that she is profiting from my money that I am solely putting into the house. Help!!