Compteacher
Junior Member
What is the name of your state? Illinois
Okay, 6 years ago, my wife and I agreed to purchase a home with her Mother and Stepfather. Due to interest rates, the actual home is in her Mothers and Stepdads name. The house has a small upstairs kitchen which we use as well as a living room and small undormered bedroom I use an an office. My wife and I have our bedroom on the 1st floor and we had originally had a bedroom built in the basement for my Son. I did not want to do this, but it was only to be for 3 years, at which time we would sell the house and split the profit. I pay the cable bill for the whole house as it is in my name, and its around 200 a month. They pay the electric and gas. The mortgage is in their name but we pay 700 a month toward it. We do not have a lease nor do they pay taxes on the rental income as the agreement was purchase together so it was not considered rent.
3 years came and went and I was the only one who wanted to sell. So no sale. At this point, my In Laws took over the whole garage, which since they needed storage space I did not argue over. Then they moved my son from his basement room to the other bedroom on the 1st floor and the In laws took over the whole basement, leaving no more common areas that we had shared down there. They said it was for their bedroom since they had given my son their bedroom upstairs. They also said we could have storage in the Laundry room, but they also took over that space as well. This meant that they had 70% of the space in the house and all the exterior space and I had lost almost half my space and still paid the same amount per month. We had an argument over this and My Father in law claimed it was their house and they were doing us a favor by allowing us to live here, which in turn almost caused me to move until my Mother in law smoothed things over by restating that we own the house together and that they could not have purchsed it without us and that once we sold we would still split the money. I didnt argue further as my wife asked me to back off. It has now been 6 years and we are again being treated as renters and actual have been told we have until 6/1/06 to move. I discovered that my in laws have refinanced the house more than 2x and paid off their bills with the equity as well as both times reducing the mortgage payment. Our portion never changed so for the last 2 years we have been paying a little more than 1/2 the mortgage for 1/3 the space of the home. I want to again state they have never paid rental income tax on our money.
So now after 6 years and 50,000.00 paid to them, I need to move and the house will not be sold so**************. What recourse do I have here??? I have nothing in writing, it was all verbal as it was my wifes mother and they always had a wonderfull relationship so I did not push for a written agreement to keep the peace.
Am I just screwed here??????
Okay, 6 years ago, my wife and I agreed to purchase a home with her Mother and Stepfather. Due to interest rates, the actual home is in her Mothers and Stepdads name. The house has a small upstairs kitchen which we use as well as a living room and small undormered bedroom I use an an office. My wife and I have our bedroom on the 1st floor and we had originally had a bedroom built in the basement for my Son. I did not want to do this, but it was only to be for 3 years, at which time we would sell the house and split the profit. I pay the cable bill for the whole house as it is in my name, and its around 200 a month. They pay the electric and gas. The mortgage is in their name but we pay 700 a month toward it. We do not have a lease nor do they pay taxes on the rental income as the agreement was purchase together so it was not considered rent.
3 years came and went and I was the only one who wanted to sell. So no sale. At this point, my In Laws took over the whole garage, which since they needed storage space I did not argue over. Then they moved my son from his basement room to the other bedroom on the 1st floor and the In laws took over the whole basement, leaving no more common areas that we had shared down there. They said it was for their bedroom since they had given my son their bedroom upstairs. They also said we could have storage in the Laundry room, but they also took over that space as well. This meant that they had 70% of the space in the house and all the exterior space and I had lost almost half my space and still paid the same amount per month. We had an argument over this and My Father in law claimed it was their house and they were doing us a favor by allowing us to live here, which in turn almost caused me to move until my Mother in law smoothed things over by restating that we own the house together and that they could not have purchsed it without us and that once we sold we would still split the money. I didnt argue further as my wife asked me to back off. It has now been 6 years and we are again being treated as renters and actual have been told we have until 6/1/06 to move. I discovered that my in laws have refinanced the house more than 2x and paid off their bills with the equity as well as both times reducing the mortgage payment. Our portion never changed so for the last 2 years we have been paying a little more than 1/2 the mortgage for 1/3 the space of the home. I want to again state they have never paid rental income tax on our money.
So now after 6 years and 50,000.00 paid to them, I need to move and the house will not be sold so**************. What recourse do I have here??? I have nothing in writing, it was all verbal as it was my wifes mother and they always had a wonderfull relationship so I did not push for a written agreement to keep the peace.
Am I just screwed here??????
