Morgage Issues with Son/Non Payment

[spterry]

What is the name of your state? Virginia/home is owned in Florida
My husband purchased a home for his son in Florida b/c his son could not qualify for a mortgage. The "verbal" understanding was that we would rent to him for 2 years while he got his finances straight and then he would purchase the home. Please keep in mind, my name is NOT on the house or the mortgage, I had to sign a special "wavier" of sorts as required by the state of Florida allowing my husband to purchase the home with my permission. Anyway, as expected the rent checks are NEVER on time and we end up paying the $1350 mortgage out of our "common/joint account" funds. My question is this; although I signed the paper allowing dh to purchase the house, b/c the rent is late, common funds are being used to pay the mortgage. Do I have any recourse regarding this matter? DH is in denial, typical "if I ignore it, it'll go away", so I up against him as well. Not sure what to do...please advise.

 

[HomeGuru]

What is the name of your state? Virginia/home is owned in Florida
My husband purchased a home for his son in Florida b/c his son could not qualify for a mortgage. The "verbal" understanding was that we would rent to him for 2 years while he got his finances straight and then he would purchase the home. Please keep in mind, my name is NOT on the house or the mortgage, I had to sign a special "wavier" of sorts as required by the state of Florida allowing my husband to purchase the home with my permission. Anyway, as expected the rent checks are NEVER on time and we end up paying the $1350 mortgage out of our "common/joint account" funds. My question is this; although I signed the paper allowing dh to purchase the house, b/c the rent is late, common funds are being used to pay the mortgage. Do I have any recourse regarding this matter? DH is in denial, typical "if I ignore it, it'll go away", so I up against him as well. Not sure what to do...please advise.

**A: what do you want to do? This sounds like more of a famliy law issue than a real estate law issue.

 

[spterry]

reply

I agree, wasn't sure if I should post under "divorce" or real estate, hahaha!!! But really, wasn't sure about the real estate law regarding the paper I signed (required by Florida) as to my access or "legal influence" over the situation. My understanding when I signed that paper was that all funds were not to be co-mingled with marital funds and the entire purchase/rental agreement stood independent of the marital funds/relationship. But because funds have been "co-mingled", a violation of the paper I signed, do I now have any control over the property or the situation? So my question, inspite of the relationships involved is really a question about the real estate/rental law in Florida as it pertains to spouses.

 

[HomeGuru]

Re: reply

I agree, wasn't sure if I should post under "divorce" or real estate, hahaha!!! But really, wasn't sure about the real estate law regarding the paper I signed (required by Florida) as to my access or "legal influence" over the situation. My understanding when I signed that paper was that all funds were not to be co-mingled with marital funds and the entire purchase/rental agreement stood independent of the marital funds/relationship. But because funds have been "co-mingled", a violation of the paper I signed, do I now have any control over the property or the situation? So my question, inspite of the relationships involved is really a question about the real estate/rental law in Florida as it pertains to spouses.

**A: since we are not pvivy to the terms and conditions in the "paper" that you signed, please have an attorney review it.