Legal Question in Real Estate Law in New York
My name is Diane and I am hoping that someone can answer a question for me. I am currently paying off the mortgage for my parents house. My father had become sick in 2009 and passed away in February 2010. My husband and I were asked by my father before he passed to stay in the house (its a mother-daughter semi) and take over the mortgage and the utilities. My mother lives in the downstairs apartment. My name was put on the deed of the house but I am not on the mortgage. The question that keeps coming up is what happens if and when the house is sold, am I entitled to get back any of the money I have paid into the mortgage? Also, I have an older sister and my mother is concerned about her share of the house, so if we stay in this house until it is time to think about how the value of the house will be split, am I entitled to more than my sister being that I am paying off the remainder of the mortgage? I also used the money we had saved for our own house in order to fix and upgrade this house.
I am not sure if there is a legal answer to this but I would greatly appreciate any advice anyone has. Thank you for your time.
1 Answer from Attorneys
Q. The question that keeps coming up is what happens if and when the house is sold, am I entitled to get back any of the money I have paid into the mortgage?
A. No. However, you are entitled to a deduction on the interest payments made. Also, upon the sale, you are entitled to net profits received from the sale of the house equal to your ownership interest.
Q. I have an older sister and my mother is concerned about her share of the house, so if we stay in this house until it is time to think about how the value of the house will be split, am I entitled to more than my sister being that I am paying off the remainder of the mortgage?
A. Generally, no. However, you are entitled to enter into an agreement with your sister concerning you being reimbursed for principal payments made to the mortgage. You may be entitled to be reimbursed for capital improvements to the house.
By the way, unless there is language in the deed, you have the right to sell or partition the house at any time.
Mike.
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