Q: 6 years ago, my sister in law kindly OFFERED and agreed to finance a home for me in her name. I had enough money to buy
but because my credentials were not good enough to get the loan, she wanted to help me out. So I gave her ALL FEES and paid the full mortgage on time religously, with the agreement that once I got my credit score up and stabilized my job I would take possession of the house by either assuming the loan or getting another mortgage for balance that she owes. I was approved for the balance due, now because of her personal relationship with my brother, she wants to back out of our agreement, asking for appraised value of the house and keeping all equity about $75,000. Which she did not put one cent into the home. Ive paid and lived in this home as my own, paying HOA's and all. I have record that I have paid the mortgage directly to bank for past 6 years, do I have any claim to MY house? What can I do, if anything?
A: Who is on the mortgage is irrelevant, if she is on the deed and you are not and there is no formal written agreement in place - it is likely her house not your house. You need to consult with a local attorney but there is likely not much you can do. This is a prime example of why this type of arrangement should never be done informally. Hopefully a local attorney can review your circumstances in more detail and find some way to help you otherwise you may have basically paid for her house. One thing that is hopeful is she likely can not sell the house without your brother signing off on the sale.
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