Legal Question in Real Estate Law in Maryland
Mortgage and Mother
Is paying the mortgage considered investing in my house?My mother put in 65,000 and we financed the rest,we are thinking of selling and have been paying mortgage and all bills for the house ,my mother has been living rent free in the home for 4 yrs.My wife and i are being told that my mother deserves the profits from the house because paying the mortgage is not considered investing in the house. Is this true?
1 Answer from Attorneys
Re: Mortgage and Mother
When you pay the mortgage, part of your payment reduces the balance of the loan, and therefore increases the equity. So whoever told you otherwise is wrong. You didn't say whose names are on the deed, but if it's just yours, you can legally sell the house. You should have worked out an understanding with your mother as to these things before you undertook this venture.
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