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My husband has a friend who was in a bad accident and has to move suddenly to a smaller house, near the town and doctors, before his other house is sold. His friend asked my husband for half of the down payment. My husband doesn't want his down payment loan to be secured by a deed of trust or mortgage, he wants a 1/2 interest in the house (agreeing to quitclaim after he is repaid).
I don't want my husband to be on the mortgage. My husband thinks that the title company can put my husband on the title, after the mortgage - so he won't be on the mortgage. Will this work?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi GOLDY.

Welcome to the forum. Your husband's name can be added on the deed after his friend bought the property. But if he doesn’t add your husband's name then your husband may not do anything. So you can ask him to make an agreement that your husband will be added on the deed when his friend bought the property.

BTW talk with an attorney and make sure whether it is possible or not.

Best of luck,
Larry

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Mortgage, then put second owner on title after the mortgage?