my BF and i r buying his g-mas house. only his name will be on the loan, but can my name go on the deed?
we have been together 13 years, and both of us will contribute to household expenses and the like. it is mostly my money that is going on the down payment and closing costs. i have poor credit rating which is why i'm not on the loan. i would never want to take his g-mas house if we were to split, but how can i protect myself if such a thing happened. at this point we r not getting married. i'm just a little concerned with the what ifs. i dont want to lose my shirt on this thing.
YES, you can be on the deed but not on the loan. This sort of thing happens ALL THE TIME (but requires a little extra work on the part of the lender).
Unfortunately, it typically happens when the couple is married. I would tell the bank you have a common law marriage (you've been together over 7 years so in the law's eyes, and the banks, you are married)
Talk to multiple companies and ask them upfront if they can do exactly what you are asking. Try http://www.lendingtree.com and http://www.aimloan.com
YES, it can happen, but it's a little extra work on behalf of the lender, so ask them upfront if they will do it. Mortgage companies need the business right now (the # of home loans has dropped considerably) so I am sure most of them would do whatever it takes to get your business!!
if you are going to pay half you should have your name on the deed as well. if something did happen , such as if he was in an accident you would have no right to anything in your home and his next of kin (parents,siblings)would get everything (if there is no will). it is better that your name is also on the deed just to protect your self.
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This will be up to the loan company. It's in his best interest to not put you on the deed.
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YES, you can be on the deed but not on the loan. This sort of thing happens ALL THE TIME (but requires a little extra work on the part of the lender).
Unfortunately, it typically happens when the couple is married. I would tell the bank you have a common law marriage (you've been together over 7 years so in the law's eyes, and the banks, you are married)
Talk to multiple companies and ask them upfront if they can do exactly what you are asking. Try http://www.lendingtree.com and http://www.aimloan.com
YES, it can happen, but it's a little extra work on behalf of the lender, so ask them upfront if they will do it. Mortgage companies need the business right now (the # of home loans has dropped considerably) so I am sure most of them would do whatever it takes to get your business!!
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First you need a seperate attorney to draw up an agreement between the two of you based on your money going into the home. Your name can and must be included on the deed, and no you do not have to be on the mortgage. But to protect your financial interest in the home, an agreement stating how much of your money went into it from the gate, and then a proper document trail of future payments, (do not give him cash for the contribution, write a check with "mortgage payment" written in the memo will do) will protect your financial contribution in the property, and will be your only defense in getting a full return on your money should something happen. Not being married leaves you vulnerable even if you are on the deed, and if you do not have necessary documents in place to detail your investment in the home, you may not get anything at all. Common law does not always guarentee a full return of your money, but getting documents detailing how much of your money is going in at the start and showing what you pay month to month will protect you in full. Best of luck!!
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Absolutely you can both be on the deed. Talk to the title/escrow company and they will prepare a quit claim deed that can be recorded directly after the original warranty deed that transferes it into your Bf's name. It will list him as the grantor and both of you as the grantees, so its effectively in both your names.
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FYI– your bank doesn't have to have anything to do with it. You can sign the quit claim at the same time you sign the other stuff at the title company.
A real estate lawyer can make it so that you will have certain rights and be added to the deed. Yes it will be complicated and still lays you open to all sorts of potential problems should you split. Odds are you shall lose your money should this happen.
A good mortgage company could find a way for you to get financing regardless of how bad your credit is. Yes you will pay a higher interest rate at first but you will be able to refinance later and have better credit.
You won't like this but 13 years and thinking about maybe losing your shirt? The only real way to make all of this happen and protect yourself is for you to get married. No halfway thing. He wants the house….. well you go get married. Later if you split it is cheaper to get a divorce than lose a down payment. Plus there is the equity in the house that is gained while you are not married. No marriage equals little rights even if you are on the deed.
Basically any person will tell you……. forget the deed thing. Either you get the house together or you get married. There are so many ways to get screwed later (well taxes for one) or being liable for way more money than the downpayment.
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Not at closing, if you are not on that specific mortgage. But once all documents are recorded with the county clerk of courts, you can record a Quit Claim Deed adding you in title of that property. And, if this is your homestead(where you and him live), you have ever right to be on that deed, no matter if you are married or not. Being listed in title shows who has legal rights to that property. You would both be listed as single, but both full owners. You can ask your title company to assist in this for after the recording of the closing documents, or you can check the clerk of courts website for your county, and see if they offer the quit claim document at their office. Some do, some don't, it would be a blank form and you would be totally responsible on your own to create it, and they wouldn't be able to for you.
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