What to buy the home my mother in law brought but hasnt paid off yet..

Asked over 2 years ago - Brooklyn, NY

husband ( her son) and i been livingin this home for 8 and 1/2 years now and i would rather move cause we need the space, but hubby want to stay, but they want me to look into the info of his mother transfering the mortage to my husband , - i would like a rent to own at the moment and then go for a mortage , my mother in law wants to retired next year and go to senior housing . my husband at the moment is delploy and when he come back he has a regular security job and army reserve.. at the moment im not working.. so if we get this home then it be ok with the space, oh it a two family home ..

Attorney answers (1)

  1. Richard J. Brickwedde

    Contributor Level 12

    Answered . I would need more information before I could give you an answer. How much equity is in the house? Is your Mother in Law looking to have you simply assume or replace her existing mortgage and then walk away? When your Mother in Law moves into senior housing can she pay her expenses for 5 years or is she going to be on Medicaid?

    As a general rule, it is better to own a house with a mortgage, than rent to own, but it all depends of the prices, the interest rate and/or amount of equity you build up with each payment on the rent to own. If you have a rent to own, you want to have a lawyer familiar with such contracts review the contract before signing to advise you on whether you are adequately protected and whether or not the contract is in recordable form or that a memorandum of agreement is signed in recordable form. Even if recorded, you could still have the issue of any liens against the owner before you actually take title.

    Whichever alternative you take, you will want to have a lawyer.

    My answer to your question is for general purposes only and does not establish an attorney-client relationship,

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

31,077 answers this week

3,298 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

31,077 answers this week

3,298 attorneys answering