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I have a question about the name on deed but not on note. Ive already checked out similar questions and it seems that this wont be the best situation for me.
If Im not on the note or the deed is there any way that I can still be promised part owenership if the person on the deed and note writes a letter or something like that stating that I am part owner?
reason.....my boyfriend and I are talking about buying a house but my credit is horrible and trying to finance me in to the note/mortgage(?) will end up hurting us rather than helping us. As any smart woman would want.....I want to be part owner of this house and cover my backside in case of a break up. I dont plan on that happening but life is life and I would like to make sure that while Im helping make payments on this house that I wont be left out in the cold if anything happens. Is there a way to be promised half of the house if there is a breakup even though Im not on any of the house paperwork?
Check your states law - you may have implied half ownership under "common law" marraige statutes - it varies from states to states. [I know my state assumes that a house is marital property and it does not matter who is on the deed, the other spouse owns half of it, even if they did not help make payments-there are some exclusions but that is MY state]
You and your bodyfriend can also write it up as a legal agreement - forget the "separation thing" when talking with him - approach him what about if he is killed in a wreck - would his family take the house out from underyou.
Yes, check your state laws.
My wife and I are both named on the deed as owners.
But my name is the only name on the mortgage, or note.
If something happened to me and she was to lose the house, she would get the difference between the selling price and what is owed on the house since she is also listed as an owner.
At least that is what the bank explained to us 20 years ago.
It is simple...if you are not named on the deed, you are not an owner and have no interest unless you are actually married. The issue is how do you get your name on the deed? This will have to do a lot with your lender. If your lender will not allow you to be on the deed due to the financing you are out of luck pretty much. If he goes through with the deal with just his name, he cannot give you a quit claim (partial ownership) at a later date as this would probably contravene his mortgage contract. It would also be a stupid business move on his part because he would still be the only one on the mortgage and would be the only one held financially responsible.
Really, the best thing to do would be to just think of your payments as rent and stay away from ownership, it would make your life so much easier if you were to break up. Alternatively, you could marry the gentleman and all your issues would be settled. BTW lawsuits to partition ownership on house (after a break up) are very expensive, take forever, and may not be worth it once you add up your costs verses the value of the house. Divorces are a lot less expensive and accomplish pretty much the same thing.
States have different rules regarding property ownership and title transfer.
Talk to a RE attorney who is familar with the local/state laws.
Even "common law" marriages have different rules per state.
The right answer.
I would think the lender would need all names on the deed to be on the note, mortgage, deed of trust... to prevent on party from claiming they didn't know there was a debt against the property.
But, talk to a local attorney about your local circumstance.
thanks everyone for the info. we are trying to work it so we can get me on and still get a good deal. the ex really messed up my credit so its going to be a challenge! thanks again!!
if i am on the deed, but not on title or the mortgage, am i anyway financially responsible for the house if it goes into foreclosure? Thanks.
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