 jackieangne
Joined: 20 Sep 2009
Posts: 1
1.00 Dollars($)
|
 Posted: Sun Sep 20, 2009 8:40 am Post subject: My name is no on the mortgage or deed |
|
|
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. |
|
smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
|
| Posted: Sun Sep 20, 2009 7:37 pm Post subject: |
|
|
Hi jackieangne!
Welcome to forums!
It is true that adding your name to the property deed may cause a problem with the mortgage company. Moreover, your partner will not remain eligible for the first time homebuyer's tax credit. Getting a will is a good idea. Your partner can declare you as the heir to the property. After his death, you can probate the property and get the property transferred in your name. Thus, your investment in the property would be safe.
You can even try improving credit score. Once your credit score is improved, you can add your name to the property deed and negotiate with your partner for a refinance.
Feel free to ask if you've further queries.
Sussane |
|
