Posted on: 23rd Feb, 2008 01:34 pm
My girlfriend had a land contract on her house that went bad, due to some issues of a breakup she could not get financed so I bought the house with a gifted equity from her down payment, the mortgage is in my name as is the deed, but she is making the payment and as soon as she is able she will obtain financing and purchase the house back, she wants me to quit claim the deed to her because if something were to happen to me she would not loose her house, I am afraid to do that as then she has title to the property and I just have the mortgage am I right in my thinking, what would you suggest
Yes, you are right. Your options are limited because the lender must approve. They will not approve you transferring ownership while they hold the mortgage in your name. Ask them about adding her name to the title and the mortgage. If you are joint tenants on the property, she will get the property if anything happens to you. You could also prepare a will giving here the house in the event of your death.
You need to get lender approval first to add her name on the title and mortgage.
not only must you concern yourself with obtaining approval from your lender; but you must also think about what you began to tell us in the first place. your girlfriend had problems making payments to begin with, so you need to be certain that her entering back into the deal now will not result in another similar issue.
protect yourself.
protect yourself.
