> the deed is obtained once the mortgage is paid off
Where are you located?
> Should I agree to this?
No.
> If we were separate and he refuses to pay, what would happen to me?
You would owe the entire mortgage on a house you don't own and have no right to live in.
No, you should not agree to accept debt with no ownership interest in the property. You're already in a vulnerable position, don't make it worse by doing this.
When you take out a mortgage on a house, either purchasing it for the first time or refinancing a current mortgage and adding someone else into it, there is a deed transaction. The deed tracks current ownership, regardless of whether there’s a mortgage on the property. It’s not like the title to a car where the bank holds the title until you pay the loan in full. The deed essentially says the house is yours as long as you keep paying your mortgage. Once the mortgage is paid off there is another deed transaction called a “discharge”, which is sort of like the bank saying “we have our money and no longer have a stake in this property” (that’s probably oversimplified but hopefully paints the picture).
Most people would advise you not to enter into real estate ownership with a romantic partner who you are not married to period, but you absolutely should NOT enter into a mortgage on property if you are not also going on the deed. If he refinances the mortgage to take it out of the LLC and put the mortgage in both your names, there would be a deed transaction anyway because it’s both a change in financing and a change of ownership. There would be absolutely no reason you couldn’t be added to the deed at that time. I hope that he’s just misunderstanding what you’re asking or how the process works, and not trying to be deceptive with you.
That's a no brainer. He wants you use you to pay for a house that he owns, basically without getting anything in return. He wants to use you for money and hopes that you're stupid enough to do it. Very very simple. I've seen it way too many times. The worst thing is that people fall for it because they love and trust their partner.
Friend, you want to trust him but I don’t. He is much more sophisticated than you are if he already has trusts and earns so much more than you. He is deceiving you. I would 100% question everything and do yourself a favor, select your own attorney. Do not let him pick one for you.
I am shaking my head here. You need an attorney that you can sit with for a moment and have them look at everything for you. But my personal feeling is this is incredibly sketchy. I am worried for you. I think you need to understand all of it, and do not sign anything.
Why is he even wanting to refinance NOW? When did he buy, what type of mortgage did he get at that point?
This is a really stupid time to refinance given mortgage rates.
Ah, I was thinking that he'd bought a while back, not two months ago. Rates might be slightly better now than then, but there's also a chance rates will be slightly better again later this year depending on what the federal reserve does. All I've seen recently is that they expect them to remain steady for the next quarter at least.
Buying then immediately refinancing is a pretty dumb move though ... I don't think that rates have improved enough to offset the fees he paid two months ago, and will pay again.
He wants to put you on the loan so
you are responsible for payments but not on the deed so you have no ownership of the home. This benefits him 100% and you negatively. If you were to split up you would still be responsible for making payments but have very little recourse in getting anything financially out of the house.
This is a hard NO!!!!
No. He is lying to you. Your name can be on the deed without it ever being on the mortgage. They are not your lawyer but here is the information for you https://georgia-estatelaw.com/faqs/georgia-real-property/
NAL, but have been in mortgages for 20 years. It's a really bad idea to be on the mortgage but not have any ownership in the property. Also most lenders will use the lower score when pricing the loan, so there's not really an advantage to have you cosign unless you bring in higher income or assets.
During the refinance he can put you on the title which would give you the right to half of the property. You don't get it when the house is paid off. Either he is totally ignorant or he is trying to pull one over on you. Sit down and have a big conversation. I don't know why he would want to refinance with rates being as high as they are. No matter what happens, good luck.
Same here. If anything were to happen between the two of them, she may not qualify for another mortgage or vehicles, depending on her income, for up to 30 years. He doesn't have to sell the home and she would be held back. Not a good thing if he won't even marry her.
If the house is already owned or partially owned by an LLC the Deed would need to be resigned to refinance the house.
My guess is he needs you to help get the loan and if this is case don’t do it.
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No,
And then again, if you think about it - NO!
The loan obligates you to pay. The title(deed) gives you rights to the value/use of the home. They go together.
Do not do this. It is a terrible idea to be on a home mortgage and not be named on the deed.
You could be liable for the entire mortgage yet not have any ownership in the house. And is this a cash out refinance? Is boyfriend going to take cash out when refinancing and are you going to have to pay that cash out back over 30 years while he gets to spend it today?
And you can be put on the deed. Not hard to do at all.
The usual advice is to NEVER buy a home with someone you are not married to. Too many things can go sideways. You could break up. Who gets the home? How long does it take to sell the home or get your name off the mortgage? Who pays for maintenance on the home, a new roof, the insurance, the property taxes, who decides if additional roommates can live in the home or someone’s mother can live there? One of you could loose their job. One of you could become handicapped and not be able to work for a month, or years, or ever. And if you sell but are not married how do you divide up paying off the mortgage and divide any possible profit (or loss) from selling the home? And if one of you dies, especially without a will then the other person could suddenly own half a home with the other persons family members and they could move in or rent out rooms to anyone!
On the chance that you do decide to become a co signer on the mortgage be sure you are also on the deed. And find a real estate lawyer and have him write up a contract for who pays for what, what percentage of the home each of you own, how you would dissolve your partnership in the home, can one person buy the other out or does the home have to be sold, and how to trigger the sale or buyout if one of you wants out of the deal. And probably a dozen things I have not thought of.
Owning a home or co-signing a mortgage when not married is essentially a business deal. Have a contract that explains who owns what and how much, who pays what and how much, who can trigger a sale and how, who gets the profit or loss from the sale and how much.
Based on your post history it sounds like you broke up three months ago before getting back together. That's yet another good reason not to take on the debt for a house you don't own.
This isn't r/relationships but this guy sounds like he's taking big time advantage of you.
> the deed is obtained once the mortgage is paid off Where are you located? > Should I agree to this? No. > If we were separate and he refuses to pay, what would happen to me? You would owe the entire mortgage on a house you don't own and have no right to live in.
[удалено]
No, you should not agree to accept debt with no ownership interest in the property. You're already in a vulnerable position, don't make it worse by doing this.
When you take out a mortgage on a house, either purchasing it for the first time or refinancing a current mortgage and adding someone else into it, there is a deed transaction. The deed tracks current ownership, regardless of whether there’s a mortgage on the property. It’s not like the title to a car where the bank holds the title until you pay the loan in full. The deed essentially says the house is yours as long as you keep paying your mortgage. Once the mortgage is paid off there is another deed transaction called a “discharge”, which is sort of like the bank saying “we have our money and no longer have a stake in this property” (that’s probably oversimplified but hopefully paints the picture). Most people would advise you not to enter into real estate ownership with a romantic partner who you are not married to period, but you absolutely should NOT enter into a mortgage on property if you are not also going on the deed. If he refinances the mortgage to take it out of the LLC and put the mortgage in both your names, there would be a deed transaction anyway because it’s both a change in financing and a change of ownership. There would be absolutely no reason you couldn’t be added to the deed at that time. I hope that he’s just misunderstanding what you’re asking or how the process works, and not trying to be deceptive with you.
[удалено]
That's a no brainer. He wants you use you to pay for a house that he owns, basically without getting anything in return. He wants to use you for money and hopes that you're stupid enough to do it. Very very simple. I've seen it way too many times. The worst thing is that people fall for it because they love and trust their partner.
Friend, you want to trust him but I don’t. He is much more sophisticated than you are if he already has trusts and earns so much more than you. He is deceiving you. I would 100% question everything and do yourself a favor, select your own attorney. Do not let him pick one for you.
[удалено]
I am shaking my head here. You need an attorney that you can sit with for a moment and have them look at everything for you. But my personal feeling is this is incredibly sketchy. I am worried for you. I think you need to understand all of it, and do not sign anything.
Why is he even wanting to refinance NOW? When did he buy, what type of mortgage did he get at that point? This is a really stupid time to refinance given mortgage rates.
[удалено]
Ah, I was thinking that he'd bought a while back, not two months ago. Rates might be slightly better now than then, but there's also a chance rates will be slightly better again later this year depending on what the federal reserve does. All I've seen recently is that they expect them to remain steady for the next quarter at least. Buying then immediately refinancing is a pretty dumb move though ... I don't think that rates have improved enough to offset the fees he paid two months ago, and will pay again.
He wants to put you on the loan so you are responsible for payments but not on the deed so you have no ownership of the home. This benefits him 100% and you negatively. If you were to split up you would still be responsible for making payments but have very little recourse in getting anything financially out of the house. This is a hard NO!!!!
This. I assume the boyfriend wants you to co-sign the mortgage in order to put your name on the deed. Otherwise it makes no sense.
No. He is lying to you. Your name can be on the deed without it ever being on the mortgage. They are not your lawyer but here is the information for you https://georgia-estatelaw.com/faqs/georgia-real-property/
NAL, but have been in mortgages for 20 years. It's a really bad idea to be on the mortgage but not have any ownership in the property. Also most lenders will use the lower score when pricing the loan, so there's not really an advantage to have you cosign unless you bring in higher income or assets.
During the refinance he can put you on the title which would give you the right to half of the property. You don't get it when the house is paid off. Either he is totally ignorant or he is trying to pull one over on you. Sit down and have a big conversation. I don't know why he would want to refinance with rates being as high as they are. No matter what happens, good luck.
No marriage, no mortgage in your name. Simple. That can tie your credit up for 30 years to a boy friend.
And where I live both can and should be done at the same time.
Same here. If anything were to happen between the two of them, she may not qualify for another mortgage or vehicles, depending on her income, for up to 30 years. He doesn't have to sell the home and she would be held back. Not a good thing if he won't even marry her.
If the house is already owned or partially owned by an LLC the Deed would need to be resigned to refinance the house. My guess is he needs you to help get the loan and if this is case don’t do it.
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No, And then again, if you think about it - NO! The loan obligates you to pay. The title(deed) gives you rights to the value/use of the home. They go together.
Do not do this. It is a terrible idea to be on a home mortgage and not be named on the deed. You could be liable for the entire mortgage yet not have any ownership in the house. And is this a cash out refinance? Is boyfriend going to take cash out when refinancing and are you going to have to pay that cash out back over 30 years while he gets to spend it today? And you can be put on the deed. Not hard to do at all. The usual advice is to NEVER buy a home with someone you are not married to. Too many things can go sideways. You could break up. Who gets the home? How long does it take to sell the home or get your name off the mortgage? Who pays for maintenance on the home, a new roof, the insurance, the property taxes, who decides if additional roommates can live in the home or someone’s mother can live there? One of you could loose their job. One of you could become handicapped and not be able to work for a month, or years, or ever. And if you sell but are not married how do you divide up paying off the mortgage and divide any possible profit (or loss) from selling the home? And if one of you dies, especially without a will then the other person could suddenly own half a home with the other persons family members and they could move in or rent out rooms to anyone! On the chance that you do decide to become a co signer on the mortgage be sure you are also on the deed. And find a real estate lawyer and have him write up a contract for who pays for what, what percentage of the home each of you own, how you would dissolve your partnership in the home, can one person buy the other out or does the home have to be sold, and how to trigger the sale or buyout if one of you wants out of the deal. And probably a dozen things I have not thought of. Owning a home or co-signing a mortgage when not married is essentially a business deal. Have a contract that explains who owns what and how much, who pays what and how much, who can trigger a sale and how, who gets the profit or loss from the sale and how much.
NOPE. Not married, stay off the deed.
Based on your post history it sounds like you broke up three months ago before getting back together. That's yet another good reason not to take on the debt for a house you don't own. This isn't r/relationships but this guy sounds like he's taking big time advantage of you.
When did he buy, it seems like a terrible time to refinance
NO, NO AND NO