WAIT! I am getting confused! lemme ask again.....with clarification!?

Question

the question was: can i be on the deed when my fiance' buys a house for us? to clarify: she has good credit, mine is crap. i will not be a co-borrower on the loan. not being a co-borrower, can i still be on the deed? also, if i can be on the deed, do i get any responsibility or rights when it pertains to the house? i hope so. and will it affect my credit at all? by the way, we will be married within the year. i will be paying for 1/2 the mortgage, and will paying the down payment/closing costs. help! i don't want to get screwed, and neither does she........though we are not planning on that! lol

Answer 1

Yes. No clarification needed. But when you go bankrupt you will lose the house. Maybe not a smart move. When you get married everything changes anyway.

Answer 2

Typically you can be on a deed and not be a borrower under the mortgage. Depending on the state you live in, the lender may or may not technically "own" the house until the loan is paid off. It is more of a theoretical difference though and really does not matter. More typically (especially in the east and the south), the lender simply has a lien against the property, but you still own it. in a state where the lender "owns" the property, you sign a deed of trust, in a state where they have a lien against the property, you sign a mortgage. If you are put on the deed, you will need to join in the mortgage so that you agree that the lien of the mortgage is also effective against your interest in the property. When done propertly, this does not mean you are responsible for the payments, just that you have consented to the lien.

Answer 3

Yes, you can be on deed if your fiance' is the only borrower on the mortgage, you will have to get 'quit claimed' onto the deed after the closing of the mortgage.

You have rights when it pertains to the sale of the house or development of the property.

It will have no effect on your credit reports to be on the deed.

How bad is your credit anyway, many times people think their credit is worse than it actually is? Is it a MUST that you are not on the loan as the co-borrower?

Answer 4

You will find that it is a rare financial institution that allows a difference between the title and who is reponible for the mortgage. The two will normally have to match. You would need a good reason for them not to.

As for credit the bank will use the better of the two credit histories to determine whether to loan. Yours is unlikely to cause a problem.

Since the credit will be drawn against your fiance's history it will not affect your credit going forward unless its negative since it will go against your fiance's social security number.

In the deed you need to be careful as to titling ie is in joint ownership or is in 1/2 your and 1/2 your fiance's? A title company or attorney can help define the methods of titling available in your area.

Don't sign anaything until you understand this stuff.

Good luck.

Answer 5

you can be on the deed without being on the loan.
you get rights to the house but the loan company will still own it till its paid for, but there are loopholes in some morgages.
it will NOT affect your credit your not on the loan, but after she has had the house a year she could add you to the loan so you get credit for it.

Answer 6

If you haven't signed anything...no. Go to the Registry of Deed at the county court house..for two bucks they'll give you a copy.of the deed. Sounds like she'd never have gotten the mortgage with your financial history...scared little bunny.

Answer 7

If you are not the co-borrower, you will not be on the deed because the finance company owns your house until its paid off.

Answer 8

I think you can do something like a Quick Claim Deed a little later on.