I purchased a home with an FHA loan with my father in law as cosigner due to our credit score not meeting the requirement at the time, he was at the time living in a different state and the home was purchased in FL. Despite the fact that my father in law never resided in the property or make any payments at all, not closing, taxes, no insurance or maintenance payments after five years he came back demanding 50 % or the equity as the home is now for sale. Is he able to change his agreement with us and claim he is equal owner just because his name is in the deed and note?
1 Answer from Attorneys
As equal owner he is entitled to 1/2 however, you should have a lien for the expenses you have paid.