Posted on: 21st Jul, 2008 09:29 am
Hi,
I moved into my boyfriend's co-op apartment 5 years ago.
I am not on the mortgage. Refinancing to put me on the mortgage is not a good idea at this time, as my credit isn't that great. On my credit report I have two derogatory items, I have a bankruptcy from 2001 and a tax lien for back taxes in the amount of $7,000 (which i have an installment agreement for) I think my credit score is 646. My boyfriend pays the maintenance and I pay the mortgage (well I deposit $570 in his account every month and he writes the check). My concern is god forbid he should pass away what would happen to me, would I be forced out of the apartment, and no marriage is not in the plans anytime soon, lol I would hate to lose the apartment that I have called home for the last 5 years. Is refinancing with me included on the mortgage the only option.
thx.
I moved into my boyfriend's co-op apartment 5 years ago.
I am not on the mortgage. Refinancing to put me on the mortgage is not a good idea at this time, as my credit isn't that great. On my credit report I have two derogatory items, I have a bankruptcy from 2001 and a tax lien for back taxes in the amount of $7,000 (which i have an installment agreement for) I think my credit score is 646. My boyfriend pays the maintenance and I pay the mortgage (well I deposit $570 in his account every month and he writes the check). My concern is god forbid he should pass away what would happen to me, would I be forced out of the apartment, and no marriage is not in the plans anytime soon, lol I would hate to lose the apartment that I have called home for the last 5 years. Is refinancing with me included on the mortgage the only option.
thx.
joi, the two of you have a couple of options. first; yes, you could go ahead and refinance (perhaps). i think co-op lending has become rarer, so that might not be a piece of cake, but your credit score (if you are reasonably accurate) might not treat you so badly in that situation.
another option is for him to draw up a will that would enable you to become owner upon his demise. if he is amenable to that, it would seem that's your best bet.
another option is for him to draw up a will that would enable you to become owner upon his demise. if he is amenable to that, it would seem that's your best bet.
third option would be to go to a local title company and for him to add you to the title of the property with a quit claim deed. that way if he passes away or something you will have the opportunity to refinance or sell the house without getting into all the tax issues associated with a will. another thing i would suggest is making payments from yours or joint account directly. this way you can prove to whomever needs to see that you have made those payments. and keep your records. also talk to your accountant to see how you can turn this to a tax advantage.
