in November 2007 my mother asked me to purchase a house so she can live in. Her credit scarred by bankruptcy, thus she could not get approved. So trying to be a good son, I purchased the house, with the intent and understanding she was going to live in it. I personally do not have the finances to afford another house payment, nor do i have the intention of flipping and turning a profit. I just wanted to help my mom. I purchased it with the intent of not her purchasing it from me, not refinance under her name, but for her specifically to rent it, for as long as she remained here. After she passed whenever that would be, i would look at this as an income untill kids are old enough to live there. (we have no written agreement on this ) So I purchased the house, then SHE took her own money to invest in the property to fix it up. She invested about 8k on the property. (the house was foreclosure, that we got for 49k)
Then it came to the point for her to move in, To protect her and us, we drew up a rental agreement. My wife and I figured that it would be best in the long term for both parties to do this, I presented it to her, and she found that unacceptable.
Now she is has walked away from the deal, with out her 8k that she invested, but leaving me 49k in debt with A house I do not want, much less need. she has been demanding her money back, and has came at us with a lawyer.
I am almost 40, me and my wife live a modest life, with 2 kids. WE basically go payday to payday with the bills (as a lot of other people) We do not have the money to pay her back at her demand. I have been told by friends that because there was no written agreement that I could walk away, and say to heck with you, because we had no written contract to go by, this as where she and the law is concernend could have been just a bad investment. But I am not going to do that, I am going to do the right thing and pay her back (minus the closing costs) then be done with her.
We have told her that, and we have told her lawyer that,, but she keeps sending letters thru her lawyers wanting her money now.
what can i do on this?
any incite, or guidance would be so much appreciated...thank you in advance..
For what it is worth the house, and we live in South Carolina.
Then it came to the point for her to move in, To protect her and us, we drew up a rental agreement. My wife and I figured that it would be best in the long term for both parties to do this, I presented it to her, and she found that unacceptable.
Now she is has walked away from the deal, with out her 8k that she invested, but leaving me 49k in debt with A house I do not want, much less need. she has been demanding her money back, and has came at us with a lawyer.
I am almost 40, me and my wife live a modest life, with 2 kids. WE basically go payday to payday with the bills (as a lot of other people) We do not have the money to pay her back at her demand. I have been told by friends that because there was no written agreement that I could walk away, and say to heck with you, because we had no written contract to go by, this as where she and the law is concernend could have been just a bad investment. But I am not going to do that, I am going to do the right thing and pay her back (minus the closing costs) then be done with her.
We have told her that, and we have told her lawyer that,, but she keeps sending letters thru her lawyers wanting her money now.
what can i do on this?
any incite, or guidance would be so much appreciated...thank you in advance..
For what it is worth the house, and we live in South Carolina.
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