 jackieangne
Joined: 20 Sep 2009
Posts: 1
1.00 Dollars($)
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Posted: Sun Sep 20, 2009 8:40 am Post subject: My name is no on the mortgage or deed
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We recently purchased a home and I am not included on the mortgage nor is my name on the deed. We are not married, but live together. My credit is messed up and I am a home owner already. So, he applied for the mortgage load and also qualified as a first time home buyer. However, I earn almost twice what he earns. We each contributed equally to the down payment. I have spent over twice what he has in money for home improvement items (which will continue). Also, all of the utilities are in my name and I pay all the utilities (they are not a shared expense). We each pay 1/2 of the mortgage amount each month. I am keeping track and copies of all the receipts for improvements. But, if something happens to him or if we split up I am worried about my investment in the property. Of course, he says that would never happen, but what would my rights be? He thinks it will cause a problem with the mortgage company to add my name to the deed. And, I am not sure this would solve the problem of ownership of the house.
Also, in 5 years my original home will be paid off (I am currently allowing my children to live there for a very minimual amount). I make over 65,000 a year and I feel I can benefit from the claiming interest and property tax on the new home, after my first home is paid off.
I want to do other improvements on the home, but am struggling with doing anything in this situation.
What can we do. He has talked about getting a will that would then leave the house to me, but I am not sure that will hold up.
He also is not bulking at refinancing the house in 3 years, because "we wont' get as low an interest rate". I want to refinance the house (my credit should be much improved by then) for a 15 year mortgage and get it paid off by retirement. I am 55 year old and feel with carefully planning and spending I should be able to accomplish this.
Additionally, should I decide to sell my previous house, I understand I have to re-invest the money or pay taxes on it. I would want to put the profit of the sale into this home, but I won't do that without some actually legal claim to the home.
I am stuck and legally don't know what to do at this point to protect myself. Help Please!! I hope this information is not to detailed and confusing. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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