Legal Question in Real Estate Law in Illinois

Re: Shared equity?

You are probably out of luckin terms of any interest in the house. However, to the extent that whatever sevices you provided are in excess of the reasonable value of rent for similar homes, you might be able to make some type of monetary claim under a contract theory. You alos might be bale to get arund the stastute of frauds, however there is no doubt in my mind that you will need an initial consultation with counsel. Such a consultation will run you about $300.

Re: Shared equity?

To answer your first sentence, there is no "legal" stake. You say it was understood that you were there because dad could not afford the payments and had health issues; you do NOT say it was understood that you were to receive a portion of the house. Agreements regarding a transfer of an interest in real property are governed by the Statute of Frauds which requires that there be some written documentation in support of such a claim. On its face, it sounds as though you got a fair return, as you would have had to pay rent elsewhere and unless the mortgage payments and repairs all those years cost more than you would have paid in rent for a similar dwelling, you got a net benefit. You can always sue your father-in-law, but that will be very expensive and very time-consuming and it is likely that would come across as greedy, grasping and heartless and lose. Most people help parents out because they are family and not because they want to be paid.

Re: Shared equity?

You've got a problem because you need something in writing to satisfy the Statute of Frauds - which basically requires that any transfer of interest, even partial, in a property requires a writing. You did not do that. You did get something in return. You were essentially paying rent and the maintenance was something extra. I guess you've gotta hope his conscience kicks in and he helps you out. Otherwise, you must just move on and learn from this experience.