Posted on: 15th Mar, 2010 04:01 am
i'm in this crazy situation and need some serious advice, so all knowledgeble responses are very appreciated.
here's the scoop. i own a home in my name and my name only. my boyfriend, who i live with wants a steak in 50% of the home by way of having me sign a quitclaim deed, he says. now i bought the home when we were still renting together and told him he could stay there with me rent-free if he put in about 10k towards the downpayment and just helped out with the utility bills (which he agreed to) i was making all of the mortgage payments and he just paid utilities and took care of my dog for me while i was at work.
about 6 months ago, i got laid off from my job. i still have investments, but money has been tight and the boyfriend helped me out on making 2 of the mortgage payments this year, in addition to still paying the utilities.
i told him that he needs to pay for his share of the utilities, as well as half the mortgage for a few months until i find another job. he says that he has no problem doing this - in fact, he's willing to do it forever. he just wants half of the value of the house in his name.
i still have a morgage on the house, so i told him if he wanted to do this - hed have to have half of the loan in his name too. he told me that he didn't want to do this but that he would get a separate loan and use it to pay off half of mine. however, even though he wants a full 50% of the house in his name, he wants to deduct his down-payment money and what he's put in on the mortgage for two months (in other words, we'd each have 50% of the house in our name, but i'd have like 65% of the debt.
does this sound legitimate on his part and from a legal perspective, are we going to have any problems if one of us ever wants to sell the house. also, do you think that i'll have problems refinancing since i don't have a job? (i did just buy the home a year and a half ago, so i'm hoping that i may qualify for a streamline refinance and that hopefully they won't verify my income.)
i'm scared and i don't know what to do. he says that he needs to 'move on' if we don't do this because he's pissed that i don't trust him since he paid a 2 months mortgage already and he keeps saying that it's also not fair that he helped out with the down payment and now has to pay 'rent' too. so if i don't do this, i may lose my home and my boyfrined.
thanks for the help guys.
here's the scoop. i own a home in my name and my name only. my boyfriend, who i live with wants a steak in 50% of the home by way of having me sign a quitclaim deed, he says. now i bought the home when we were still renting together and told him he could stay there with me rent-free if he put in about 10k towards the downpayment and just helped out with the utility bills (which he agreed to) i was making all of the mortgage payments and he just paid utilities and took care of my dog for me while i was at work.
about 6 months ago, i got laid off from my job. i still have investments, but money has been tight and the boyfriend helped me out on making 2 of the mortgage payments this year, in addition to still paying the utilities.
i told him that he needs to pay for his share of the utilities, as well as half the mortgage for a few months until i find another job. he says that he has no problem doing this - in fact, he's willing to do it forever. he just wants half of the value of the house in his name.
i still have a morgage on the house, so i told him if he wanted to do this - hed have to have half of the loan in his name too. he told me that he didn't want to do this but that he would get a separate loan and use it to pay off half of mine. however, even though he wants a full 50% of the house in his name, he wants to deduct his down-payment money and what he's put in on the mortgage for two months (in other words, we'd each have 50% of the house in our name, but i'd have like 65% of the debt.
does this sound legitimate on his part and from a legal perspective, are we going to have any problems if one of us ever wants to sell the house. also, do you think that i'll have problems refinancing since i don't have a job? (i did just buy the home a year and a half ago, so i'm hoping that i may qualify for a streamline refinance and that hopefully they won't verify my income.)
i'm scared and i don't know what to do. he says that he needs to 'move on' if we don't do this because he's pissed that i don't trust him since he paid a 2 months mortgage already and he keeps saying that it's also not fair that he helped out with the down payment and now has to pay 'rent' too. so if i don't do this, i may lose my home and my boyfrined.
thanks for the help guys.
Hi sportsqueenjen!
Welcome to forums!
If you sign a quit claim deed and add your boyfriend to the property deed, then he would become the co-owner of the property. However, this won't make him liable for the mortgage as his name won't be mentioned in the mortgage docs. You and your boyfriend will have to refinance the loan and get his name added to the mortgage. If you do not have a job, then it would not be possible for you to get a refinance. As far as streamline refinance is concerned, it is available for FHA loan.
As far as the selling of the property is concerned, if both the names are on the property deed, then both will have to agree to it. If anyone of you disagrees to sell off the property, then the property could not be sold off.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you sign a quit claim deed and add your boyfriend to the property deed, then he would become the co-owner of the property. However, this won't make him liable for the mortgage as his name won't be mentioned in the mortgage docs. You and your boyfriend will have to refinance the loan and get his name added to the mortgage. If you do not have a job, then it would not be possible for you to get a refinance. As far as streamline refinance is concerned, it is available for FHA loan.
As far as the selling of the property is concerned, if both the names are on the property deed, then both will have to agree to it. If anyone of you disagrees to sell off the property, then the property could not be sold off.
Feel free to ask if you've further queries.
Sussane