What happens to the mortgage now?

[danieljohns]

What is the name of your state? Florida

My wife and I moved to Florida in 1999 and wanted to purchase a home. Due to our not so great credit my father in law decided he would put the mortgage in his name for us. We made the downpayment and paid the closing costs ourselves. We've made every mortgage payment since 1999. We've also paid the taxes and homeowners insurance. The problem is our name is no where on the mortgage. The only name on it is my father in laws. Now he just passed away in August 2007 so we don't know what happens with the mortgage now. His wifes name is NOT on the mortgage. Only his. Are we still legally responsible for this home? If we decided we wanted to move we can't legally sell the house since it isn't ours. Nor will we be able to ever own it legally. What happens now? I really want to know what should happen if we decide we want to move.What is the name of your state?

 

[Grandma's house]

quote: His wifes name is NOT on the mortgage. Only his. (In FL. an INVESTMENT property does not require dower as long as it is not the primary marital residence. This means her even knowing about it let alone having ANY interest in the property which means he could have made it where wife has no marital or homestead interest. Therefore it depends on the deed and how it is vested. If it is a survivorship deed or transfer upon death deed, it goes to his wife, if not... there needs to be some kind of estate or probate. How is this property vested? You may very well HAVE an interest in the property by will and or probate of the estate. Again...in the State of FL. a married person CAN hold title to an investment property with NO interest to his spouse. There should be a substantial amount of equity if you have been paying since 1999 provided of course dad has not refinanced, tapping the equity. Or...is there NO equity and you know this and this is your reasoning for wanting to just "leave"?

Something is not right here. Give more info.

What does (his wife say) I take this is a "step mother in law" since you seem to "brush her off"???

 

[danieljohns]

1. I am not brushing her off. Sorry if that's the idea you got. I've asked her about her feelings on the home and she says it's not hers since her name is not on it. She won't get legal advice on the home. Basically since she didn't mortgage it and doesn't pay the mortgage in her eyes it's not hers.

2. There was no will left or anything to specify what happens to the home.

3. I'm not saying I am moving. I just want to know what I need to do in order to move if I ever did want/or need to. Since we aren't legal owners we can't put it up for sale right? And my mother in law won't do it either.

4. I don't know what "dower" mean. You say something about how the "deed is vested" as well and I don't know the meaning of that either. You're replying to someone not in the real estate/law business so could you speak with everyday terms.


5. The home was never refinanced.

 

[danieljohns]

1. I am not brushing her off. Sorry if that's the idea you got. I've asked her about her feelings on the home and she says it's not hers since her name is not on it. She won't get legal advice on the home. Basically since she didn't mortgage it and doesn't pay the mortgage in her eyes it's not hers.

2. There was no will left or anything to specify what happens to the home.

3. I'm not saying I am moving. I just want to know what I need to do in order to move if I ever did want/or need to. Since we aren't legal owners we can't put it up for sale right? And my mother in law won't do it either.

4. I don't know what "dower" mean. You say something about how the "deed is vested" as well and I don't know the meaning of that either. You're replying to someone not in the real estate/law business so could you speak with everyday terms. Thanks!!


5. The home was never refinanced.

6. I don't know if there is equity in the home.

 

[Grandma's house]

1. I am not brushing her off. Sorry if that's the idea you got. I've asked her about her feelings on the home and she says it's not hers since her name is not on it.

depends on the deed or how it is vested like a car's pink slip? (for an idea of what it means), can you find the vesting or copy of the deed? if not call your county recorders office and get it, a copy of the recorded deed

She won't get legal advice on the home. Basically since she didn't mortgage it and doesn't pay the mortgage in her eyes it's not hers.

and it may very well not be hers or her problem in any way, but also may be, depending on the vesting on the deed/title, Does she own the home she IS living in? The marital property and how long ago did F.I.L. pass away?

2. There was no will left or anything to specify what happens to the home.

that means it IS open for you too. Do you not want it and if not why not? What is wrong with this property that no one seems to want it? Is it a doublewide with a detached bathroom?

3. I'm not saying I am moving. I just want to know what I need to do in order to move if I ever did want/or need to. Since we aren't legal owners

you may have a sincere interest. Were you actually making all the mortgage payments DIRECTLY to the lender and not through F.I.L.? Are there other children of the fathers.

we can't put it up for sale right?

not yet

And my mother in law won't do it either.

neither of you can yet

4. I don't know what "dower" mean.

it means a wife would have interest and is signing dower to acknowledge hubby IS mortgaging the marital residence that she has an interest in and not going on the loan. There is NO dower is necessary IF the property is an investment property as it is in this case, don't worry about this, She does not live in the home with you does she??? If so it's hers period.

You say something about how the "deed is vested" as well and I don't know the meaning of that either.

arrrgh...give me a p.m. go to the yellow bar on the top left hand corner to the edit OP- and turn on your private message...I will tell you who to call to get the vesting in FL. Think of vesting as a car's title for now...who is on your car's registration???

You're replying to someone not in the real estate/law business so could you speak with everyday terms.

I know...Sorry...I'm trying

5. The home was never refinanced.

Then it SHOULD have some equity in it that could be yours/as well as the home it self. What EVER you do not move out till you know as this property may very well BE yours

 

[danieljohns]

Ok.....

We have made all the payments directly to the mortgage company. We've made all the homeowners insurance payments to the company even though the insurance is also in my father in laws name. Same with the taxes. His name, our check.

I'm not sure if I can get a copy of the deed. I will have to ask my wife to check her dad's files.

The home my mother in law is living in is paid for completely. Not sure if both their names are on it but it's paid for.

My father in law passed away August 2007.

Nothing is wrong with the property. We aren't even considering moving. Just wanted to know our options in the event the we wanted to move next year or 10 years from now. lol

No my mother in law does not live in the home. Never has. It's been our home and ours only.

 

[Grandma's house]

find out how it is vested and then get back to me. get a copy of the deed. call a local title co. if you have to or go to the county recorders office.
KEEP UP THE MTG. PAYMTS.