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Additional Details
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stephm9564 | Name on mortgage is causing issues? |
A friend of mine recently purchased a home with his girlfriend. He started his own business about 8 months ago. The bank said that he had not had his business long enough for them to feel comfortable putting him on the mortgage so the mortgage is in the girlfriends name only. He paid for the entire downpayment. The problem is that evry time they argue she holds it over his head that the house is in her name and if they break up she will get the house. Is there anything my friend can do at this point to ensure that he will not be left broke and empty-handed if their relationship ends? |
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Steve D
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First, your friend needs to check to see who's name is on the title, not the mortgage. If his name is on the title along with his girlfriend's, then they both own the house and she won't automatically get it.
Also, since his name is not on the mortgage, if they break up, he is not liable for the payments, only she is.
Sine your friend's girlfriend obviously has a job (otherwise she would not have qualified for the mortgage), maybe they need to reach a financial sharing agreement. A lawyer would help. |
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Expert Realtor
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If his name is NOT on the title (which I would bet a dollar it isn't), then she can kick him out in skinny minute and he has no legal recourse.
If his name IS on title, then he owns 50% of the equity and she cannot evict him from a place he legally owns just as much as her.
This is why you don't buy property with people you are not married to. Courts will treat it as a roommate situation. |
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chatsplas
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documentation. . . . . .
is his name in title?
is he NOT in title and not on mortgage?
didn't he have an attorney advising him?
without written agreement between them--basically a prenup--it would have to be sorted out in court--expensive and time consuming
he needs to get this written up now, if he didn't before--stand up to her now and get this settled once and for all. . . .while they're still on speaking terms and living together |
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Peter and Kathy and Family
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Her name alone on Mortgage means she is responsible for payments. If he is on the deed, then she can't sell without his consent. He gets first dibs at financing and thus purchasing the home. If he breaks up and she decides not to pay he is out the down payment he provided. However he will be in a better situation as the girl needs to get dumped!!! |
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ronimg
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The mortgage may be in her name....but what does the DEED have? It's the Deed that says who owns the property.
Of course the mortgage company as a lien so the house cannot be sold without the loan being paid off but if his name is on the deed, then he has part ownership of the property.
If not, she can simply sign over half of the house to him, the mortgage company does not have anything to do with that, since they still hold the lien. |
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Kathyrn F
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He's screwed. they would have had to close the sale before the loan. If he was a grantee on the deed, he would have HAD to sign the note, so I am assuming she is the sole title owner unless, of course, they filed a deed after closing to put both names in title. He made a mistake, and if they do break up, he will be left empty handed unless he takes her to court and can prove he has equity. |
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SoBayGuy
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For her to continuously hold that over him, he needs to dump her right after he can get back his money or fix the mortgage situation. |
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da pctuner
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Really i dont think this makes any sense. The bank would rather have more names on the loan than not.
What the real issue here?!?!?
If she had the money to qualify by herself then she has a credit rating worth saving.
She is responsible for the balance on loan his name is not on the mortgage,
He's pretty slick, as he will only lose the down payment but her credit will be ruined.
Don't marry her. Take it as a cheap lesson in life. Stop making the house payments for her. |
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Marysue
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Whose name is on the deed/title? That’s the person who owns the house, and who would get ownership in the event of a breakup. If they did break up, only the GF would be liable to keep making payments, and only her credit would be damaged if she didn’t. |
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kemperk
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yes; find another lender.
if needed, get another co-signer. Pay off the mortgage.
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godged
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What a great gal she sounds like.
What needs to happen sooner than later is this couple needs to enter into a legally binding agreement about this house. It needs to address who brought what to the table on purchasing the house, who is paying for what, and what will happen to the house if they break up, get married, or if something happens to one of them (to keep meddling family out of it). Maybe that is how he could get her committed to signing the document, to protect her interests in the home if anything happens to him.
Even if he is on title (which I hope he is), sounds like she is still going to battle him if they break up. She could tell a judge that she made all the payments, her name is on the mortgage alone, etc.. |
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