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wowprovider · Joined: 30 Oct 2009 Posts: 2 1.56 Dollars($)

Hi, We want to buy a house but our credit rating is poor now which stops us from obtaining the loan. My mother's boyfriend suggested that he buys for us and we make all payments. My questions are:

-what is the best way to make sure that we have the rights to the property in the event of his death? I am worried that we keep paying for the house and God forbid something happens to him and we find ourselves out of money and the house.

gmakerley · Posted: Fri Oct 30, 2009 7:33 pm Post subject:

this has become such a morbid forum. i can't believe how many folk are worried about death and the probate/estate/will/title issues that they imagine will follow.

in this particular case, i'd be more worried about having title vested in one name while a whole different set of people make payments on HIS house. it's the same bottom line either way
.
in any event, i would have to think that the group of you would want to sit down with a real estate attorney and iron out an agreement that is iron-clad (or as best can be so), spelling out precisely how the arrangement is established and what the outcome would be under a variety of scenarios.

of course, the other way to do it is to fix credit and then go buy a house, or use one of those lenders who says he'll go as low as a 500 score.

wowprovider · Joined: 30 Oct 2009 Posts: 2 1.56 Dollars($)

I am asking because I am trying to anticipate what bank will do if such event happens.... We just came from unexpected funeral and unless you get things in order right away - you get stuck with major headaches later on. Should we add our names to the title after the purchase or quit deed? I am going to see an attorney but gathering little info before never hurts. Why do we need to worry about title vested in one name while we make payments?

gmakerley · Posted: Sat Oct 31, 2009 4:15 pm Post subject:

as for the last question first..."other people" who make payments on someone's home often don't do so. that is a real problem - perhaps you don't perceive it to be because you're honest, but it's happening all over the place.

i don't disagree with you getting information before you get to the lawyer, but don't take what you've learned from lay people and throw it at the lawyer when you get contradictory advice, please.

as for a lender...most don't have any notion of a person dying as long as a mortgage continues to get paid. if the loan becomes delinquent, and they cannot contact a suddenly-deceased borrower, you are correct in thinking that it could raise some trouble.

Posted: Sat Oct 31, 2009 4:50 pm Post subject:

Thank you for working with me on this! So, say if he dies and I pay it off; how do you prove the house is mine?

gmakerley · Posted: Sat Oct 31, 2009 4:56 pm Post subject:

somehow, you need to develop a contract between him and yourselves so that you can demonstrate the arrangement in full. i don't know how that kind of document might look, but the attorney you plan to visit (and soon, i hope) ought to be able to discuss this with you and develop something, if appropriate.

no matter what, it's a risk to have a third party buy a home for you. unless you have some sort of protection in the deal, there's not guarantee that you'll end up as an owner, i believe. hello, mr. lawyer, do your thing and make this work.

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