Posted on: 09th Mar, 2009 05:31 pm
My husband and I bought a house with my mom-she put down the majority of the down payment. We are listed as joint tenants, but 8 months in my mom moved out. She continued to make her portion of the mortgage payments for 4 more months but then decided she couldn't afford it anymore. my husband and I have been making the total payments for the past 7 months. My mom wants her down payment back, is she entitled to this after breaking our agreement?
Hi Guest,
It will depend upon the agreement that you have signed with her. If it's mentioned in the agreement that she won't be getting her down payment back if she stops paying the mortgage, then you will not be liable to pay her back.
Thanks
It will depend upon the agreement that you have signed with her. If it's mentioned in the agreement that she won't be getting her down payment back if she stops paying the mortgage, then you will not be liable to pay her back.
Thanks
Thanks for you quick reply. We foolishly did not sign any agreement other than the 5 year mortgage loan which all 3 of us are on including the title. We were all aupposed to live in the house and pay our share of the mortgage for a minimum of the 5 year period. We are now paying 100% of the mortgage at an extra cost of approx $30,000 over the remaining term of the loan, which leaves us wondering that if she defaulted at cost to us is she still entitled to get her down payment back?
As there is no agreement between you and your mother, I don't think you are liable to pay the downpayment back to her.
i'll have to agree with "guest" that mom isn't entitled to any compensation for her bailout.
