Posted on: 21st Sep, 2010 08:17 am
my fiance (not husband) has had a house (for 6 years). we have both been living there and both paying towards the mortgage for that time. he wants to refinance and add me to the mortgage. i don't mind paying the bills, it's only fair, i live there.
but my concerns is this... does this give me rights to the property or just make me liable for the loan? i have read that co-signer does not have rights to the property. what do i need to do to have rights? as things stand now from what i've read it seems like if i co-sign and we break up or, heaven forbid, something happens to him, i am stuck with a mortgage for a property i don't live in, own, have rights to... :?:
but my concerns is this... does this give me rights to the property or just make me liable for the loan? i have read that co-signer does not have rights to the property. what do i need to do to have rights? as things stand now from what i've read it seems like if i co-sign and we break up or, heaven forbid, something happens to him, i am stuck with a mortgage for a property i don't live in, own, have rights to... :?:
Hi JaElle!
Welcome to forums!
If your name is mentioned in the property deed, then you will be considered as the owner of the property. If your name is mentioned on the mortgage docs only, then you will be liable for the loan but won't be considered as the owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned in the property deed, then you will be considered as the owner of the property. If your name is mentioned on the mortgage docs only, then you will be liable for the loan but won't be considered as the owner of the property.
Feel free to ask if you've further queries.
Sussane
While being added to mortgage, you will also be added to the deed which will give you rights to the home.
