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sailormymie · Joined: 16 Jan 2009 Posts: 2 1.71 Dollars($)

Should My boyfriend ad me on the quick-claim deed because he is likely to die before me but loan not...#1Should my boyfriend ad me to the quick claim deed presently in his name only? He has made me the beneficiary to all of his estate. The home loan is NOT in his name. His Mom and step Dad have the loan in their name only. #2 Will I be protected in his will? I will continue to make the payments! #3 Should we get home or mortgage insurance that would pay for the home in the event of his death?

evolovik26 · Posted: Fri Jan 16, 2009 7:52 pm Post subject:

1- if you want to have ownership of the home then yes, however if he is not the only one on the title of the home you will need to go back to Mom and Stepdad so they allow this.

2 - ??? Protected from what? I would talk to an attorney

3 - Since he is not on the mortgage how will that work? The parents can but they better off getting a term life policy with your boyfriend as a beneficiary.

sailormymie · Joined: 16 Jan 2009 Posts: 2 1.71 Dollars($)

He has good credit but has applied for SS Disability due to his health issues. I do not have great credit so my question would be after he is accepted and has been, just not sure how much yet, can he still refinance in his name only? I think that it would save a lot on the payments. Only $45.000 is left to pay off

evolovik26 · Posted: Fri Jan 16, 2009 10:52 pm Post subject:

Not sure what you trying to ask
But if you have a 45k mortgage you cannot save a lot by refinancing it cause the costs of refinancing will eat up whatever benefit you might get from a refi.
Unless you talking about recasting the mortgage for another 30/15 yr term if there are just a few years left.

Guest

Yes there is approx. 15 years left and the benefit would be that it is in his name, not his parents and hopefully lowering the payments and eliminating any problems with him leaving me the house?

jerry · Posted: Sat Jan 17, 2009 2:27 am Post subject:

Hi Annie,

I think he will be able to refinance the mortgage though he has applied for a SS disability. Yes, a refinancing can also help in lowering the payments to some extent. But again, you should remember that he will have to pay for the closing costs and other related costs.

As far as quitclaim deed is concerned, he may add you to the deed but he will not be able to give you the ownership of the property solely. If he does that, then you will have to refinance the mortgage in your name.

Thanks,

Jerry

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