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Maggie | I'm single mom with health issues, my BF wants to buy a house and put my name ONLY on the mortgage and he pays |
Is this wise? The reason I am having a dilemma:
I live in a bad neighborhood, my kids like him, we have been together for 6 years and I can't seem to hold a job without getting sick sometimes, (I am a fulltime student).
The issue I struggle with (well it is major) is he drinks.
I just want security for myself and the kids. Is it worth it?
He is willing to put the title in my name only, he says he trusts me and he is taking all the risks? Is this true?
With the title in my name only is this ideal for me? I
I would only pay what I can afford
Is this an advantage for me?
He even said if something were to happen to us or to him (death or injury) we would get insurance on him so house is paid for in full. Has anyone heard of that?
Is it too good to be true? Please let me know!!!!
Thanks!!! |
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jepeuxvoler
 |
The risks are all on you in this scenario.
If the title and loan are in your name, then YOU are solely responsible for the payments. If he misses one or a lot, then you are the one who will be foreclosed on. Your credit will go in the trash, and you will be out of luck.
If he wants to live with you and help you with payments, then adding his name to all documents would be the wisest choice of action. This gives him some liability and incentive to fulfill his obligations (more so than a verbal agreement between the two of you, where you take all the risks).
I would wonder why he wouldn't want to be listed in the first place. If he is going to make the payments, then it will reflect very well on his credit history to have a home. |
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Real Estate Guy
|
not a good idea. Can you buy the place on your own. If not, don't do it. What happens when he leaves. You are left with a house and mortgage you can't pay. That is not security.
Plus if you are so worried about security for you and the kids, I have to ask why you are with a drunk.
Yes, there is mortgage insurance. But I would recommend term life insurance. But I bet he will not qualify (for either one) because of the drinking. |
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Kelly P
 |
Baaaaddd idea. If he decides to leave, you're stuck paying the mortgage and it's your credit that is ruined. Furthermore, if you want "stability", you should not be with a drinker like that. Drinkers tend to get themselves into debt, bad business decisions, and lose jobs. I was married to one myself and got sucked into his pathology, and am better for leaving.
ANYWAY
What I tell people who are with drinkers or losers who have children is to buy/rent something you can afford on your own. Get a basic apartment in the best area you can afford. When you are done with school and get on your feet, worry about purchasing a house.
He is not taking any risks. You are bearing 100% of the risk in the deal you described, including the risk that he will actually pay. If he wants to buy a house and pay the mortgage, he should have his name on the title and mortgage ALONE. |
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Ŋêëđīňģ ĦeÍþ...
|
VERY UNWISE because if he doesn't pay you or you split up YOU will be responsible. not him so then if something happens you are the one that goes to jail or whatever. not necessarily jail but you get the drift. :) |
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src50
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That is VERY unwise for a whole slew of reasons. And your statement is self-contradictory. You say the mortgage will be in your name and the title in your name. If so, then YOU are buying the house, not him. How do you even expect to qualify for a loan? |
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Rick B
|
This is a terrible idea.
Either get married and then think about combining finances, or keep it separate. Not sure how you will be on the paperwork if you can't afford it any way. |
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Sassy
|
If the mortgage is in your name alone, it's your responsibility to ensure the payments are made--yours alone. IF he should decide, for whatever reason, that he doesn't want to pay, it's your credit on the line. If he decides to walk away; it's your credit on the line.
If you can't afford the payments on your own; don't put the house in your name. |
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InMyOpinion
 |
If the house/mortgage is in your name, then you are legally responsible for the payments. What risk is he taking?!?!? He could walk out on you a few months later and he will not be responsible for anything! You'll lose the house and you and your kids will be out on the street. If his drinking is a problem, don't continue to ignore it. Besides think how trapped you'll feel if you decide to get out of the relationship, but then realize "wait, if I kick him out, then how will I pay the mortgage myself?"
Don't do it, it sounds like a bad idea! If your BF wants to buy a house so bad, he'll fix his credit and put it in his own name! |
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daniel r
 |
consult a real estate attorney in your area for legal advise |
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100% Organic Snark™
 |
I would NOT do this. This guy will be under zero obligation if he decides to walk away from this relationship and that will leave YOU holding the mortgage. No. No. No. If he wants to make it legal, he can marry you and THEN get the house in BOTH your names. Of course, he won't do this, which means he's hiding a few things from you -- like another girlfriend someplace. Maybe a wifey. |
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estielmo
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It sounds remarkably close to Federal fraud to me. Do you like prison food? |
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