Grandparents home

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babieduc13

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Okay well here it goes its a bit lengthy. My husband and I married and moved to Michigan from Va.we were living there for 2 months when my husbands mother called and said that his grandparents cabin was up for sale and it had been for 2 years. His grandfather had passed and his grandmother was living in an assisited living home for the elderly, and my husband thought that would be a great place to live so we moved into the home. The home had been rented to a couple before and they had trashed the house, with lots of TLC we made the home habitable again,the agreement we had with his grandmother and his mother(since she had the power of attorney for his grandmother)is that we would have the home on a land contract. Iam not too sure how that works but it would have his grandmother still on the home but we would be responsible for the payments. His mother and grandmother sent us a noterized letter stating that the paperwork would be complete for our land contract Jan of last year, but nothing has happened. Now his mother is saying that she plans on putting his grandmother in a nursing home and that she cant have property in her name. And is now saying she is going to let the goverment take our home. We pay the mortage directly to the Bank it does not go through his mother or grandmother at all. The payments are not behind. Do we have any rights..we have kids and foster children and this is their home also.
 
How long ago did you start this land contract? January of last year would put you in the home for approximately 2 years. You need to back date a land contract or a lease option contract to the date that you first started making payments. Then get your Mom/Grandmom to put in the contract that your payments will go toward the purchase price. If you can then show that you paid the mortgage directly you can purchase the property for the amount of the land contract and use the payments as down payment. FHA will do that sort of loan and your credit doesn't have to be stellar to get it.

Give me more information and I"ll work it out for you:

Value of the home today:
Amount that you agreed to pay for it:
Amount of your Monthly Payments:
Start date of your contract:

With that info I can help you start.
 
Well we have been in the home for a year as of Nov.1st. His mother keeps saying we can get the home refinanced in our name for what the payoff is on the home including the second mortage. The payoff is less than what the home is apraised for,but weve tried to get a loan from a small bank and they wouldnt do it because my husband and I dont have the best credit and they said he hasnt been at his job long enough. But his mother said if we do a Land contract (as orginally planned)that his grandmothers name would still be on the house and she cant own any property of she is to be placed in a nursing home. Our monthly payments are 758.00 not including the second mortage that his grandparents had got to add onto the cabin..which is 295.00 a month. The contract was drawn up shortly after we moved into the home,and sent to us by his mother. I believe it was in December or Jan of last year. And thats all we recieved. Iam not sure what the payoff of the home is but I think its around 85,000 and the home was appraised at 150.00. We were sent a coupon book by his mother and we have been sending the payments in to the bank. But the land contract paperwork was never complete.
 
This is one reason you don't pay on something until the contracts are done. If the payoff is 85k and the house is worth 150k then you can get a loan. That is too low of a loan to value for you not to be able to get it. I was a lender for 15 years, so I'm not just running my mouth. Go find an FHA lender and you can either get a loan or will be able to soon. I don't know that you can enforce this deal against them but you can try. Good luck.
 
And I guess because this was his mother and grandmother that we trusted they would do right by us..We were mistaken.Thank you agian
 
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