Posted on: 27th Feb, 2010 05:46 pm
We are struggling to pay the mortgage. Have room to bring in a friend, who is currently renting elsewhere, to help with the payments.
Would like to offer her an interest in the house in exchange for making half of the payment every month. How do we do that?
Kingo
Would like to offer her an interest in the house in exchange for making half of the payment every month. How do we do that?
Kingo
you would need to add her to title and refinance with him/her on the mortgage. i would also have an attorney draw up a contract regarding any splits between you twoi if the property is sold in the future.
Hi kingos,
You can bring in your friend to help you with the mortgage payments and you can also add him to the property title through a quit claim deed. But you should keep in mind that once you add him to the title he will be a co-owner of the property. Now, what if he stops making payments towards the mortgage? Will you be able to remove him from the title? Thus, I agree with Theo that you must have an agreement drawn up by an attorney specifying what rights you'd be entitled to in such a situation.
You can bring in your friend to help you with the mortgage payments and you can also add him to the property title through a quit claim deed. But you should keep in mind that once you add him to the title he will be a co-owner of the property. Now, what if he stops making payments towards the mortgage? Will you be able to remove him from the title? Thus, I agree with Theo that you must have an agreement drawn up by an attorney specifying what rights you'd be entitled to in such a situation.
