Posted on: 01st Nov, 2008 02:18 am
hello. my boyfriend and i have been together for 10 years. we were interested in buying our house. however, my credit was challenged and so i couldn't be on the mortgage with him. instead he received the loan with his mom being the cosigner. however, i was looking into quit claim deeds to see if i could somehow get interest in the property so that if something were to ever happen between my boyfriend and (splitting up) i wouldn't be out bare and dry. does a quit claim deed protect me in a situation like that. would i have to go through a credit check and put my name on the mortgage loan or would this just give me some rights to the house? if this is something that would work for me, how would we do it? would his mom sign the quit claim deed and give interest to me and her name still be on the loan? she is okay with her name being on the loan. this is just something i was interested in for my own sake since i am paying half of the mortgage and it really is my house as well, just not legally. please help
hi kristinpayseno!
you should add your name on the property deed with the help of a quitclaim deed. you can ask your boyfriend or his mother, whoever is on the deed, to quitclaim certain portions of the property in your name. this will give you certain rights to the property and you will be one of the owners of the property. to add your name to the mortgage, i think you would have to refinance the mortgage. lenders generally prefer to have the owner's name on the mortgage.
thanks.
you should add your name on the property deed with the help of a quitclaim deed. you can ask your boyfriend or his mother, whoever is on the deed, to quitclaim certain portions of the property in your name. this will give you certain rights to the property and you will be one of the owners of the property. to add your name to the mortgage, i think you would have to refinance the mortgage. lenders generally prefer to have the owner's name on the mortgage.
thanks.
hi kristinpayseno!
quitclaim deed is the easiest way to add your name to the property. once your name is on the property, you will have certain rights to it. you can add your name to the mortgage by refinancing it or by novation. normally, the lenders do not allow novation.
thanks,
jerry
quitclaim deed is the easiest way to add your name to the property. once your name is on the property, you will have certain rights to it. you can add your name to the mortgage by refinancing it or by novation. normally, the lenders do not allow novation.
thanks,
jerry