Posted on: 26th Nov, 2008 05:41 am
My father & I own a house together, purchased last year, both our names on the deed. He did put up the initial investment for the mortgage during signing. Since then I have been occupying the residence paying mortgage, insurance & all bills. The plan is to sell the house once it has been fixed up & value has accrued. He had brought up some deal that I have neither agreed to nor denied regarding selling the house. His proposal was to give me back all of the principal paid on the house by me plus 10%, thought this sounded like a good idea but we never finalized anything in writing nor verbally. When he mentioned this proposal I thought I was going to be paying more than $100+ on the principal & $500+ interest. My question is once the house is sold what should I be looking for out of this deal? What should I ask for if I want to get out of this situation & transfer the property to his name? At this point I feel like my own father is trying to swindle me out of property that he needed me as a co-signer to purchase. Thanks in advance for your help.
hi icreed,
whatever be the deal, first you should make sure that you get the deal signed by your father. a written deal will be given more importance than any verbal communication.
as far as what you should look from the deal is concerned, in my opinion, his proposal of paying you the principal amount that you paid along with 10% interest sounds quite good. you have also mentioned that you paid for the mortgage, insurance and the bills. if this amount is higher than the principal amount that you paid along with 10% interest, then you can demand some extra money from him.
as far as the transfer of property to your father's name is concerned, you can do it by a quitclaim deed. but if both of you are on the mortgage, then your father will have to refinance the property once you transfer it to him. make sure that he can qualify for the refinance. otherwise, you will have to keep on paying the mortgage or else the property will go into foreclosure. and if both of sell the property, then the mortgage will become due and the lender will ask you to pay off the dues immediately.
thanks.
whatever be the deal, first you should make sure that you get the deal signed by your father. a written deal will be given more importance than any verbal communication.
as far as what you should look from the deal is concerned, in my opinion, his proposal of paying you the principal amount that you paid along with 10% interest sounds quite good. you have also mentioned that you paid for the mortgage, insurance and the bills. if this amount is higher than the principal amount that you paid along with 10% interest, then you can demand some extra money from him.
as far as the transfer of property to your father's name is concerned, you can do it by a quitclaim deed. but if both of you are on the mortgage, then your father will have to refinance the property once you transfer it to him. make sure that he can qualify for the refinance. otherwise, you will have to keep on paying the mortgage or else the property will go into foreclosure. and if both of sell the property, then the mortgage will become due and the lender will ask you to pay off the dues immediately.
thanks.