Girlfriend is going to add her income with mine to refinance loan does she become an owner equally in maine? Or do we have to do more paperwork for that to happen?
2007-02-09 11:10:47 · 14 answers · asked by mick 1 in Family & Relationships ➔ Marriage & Divorce
Only if she isMarried to u and no one can singe unless u give permission and if u do than u owe her if she payees anything like the Mortage, taxes, there is no more community property to many used it and thay say you make your bed u have to lie in it and if u want her to own half she pays half and KEEP IT IN WRITING no proof no home.
2007-02-12 00:19:15 · answer #1 · answered by penelope 1 · 0⤊ 0⤋
I believe it is like when you co-sign for a car loan. If something happens to the original owner you are the next party in line to pay the bills.
Be sure you have insurance built into this so if something happens, you are covered.
I am just talking from experience with the car..house ..could be different???
If you want her name on it,just go to the town clerk and get a quit claim and add her name. Only costs around one hundred dollars for your lawyer to then make up the paperwork.
2007-02-09 11:35:54 · answer #2 · answered by pitch 2 · 0⤊ 0⤋
I have to say that it depends on what state you live in. In some states the title on the house would have to be changed in order to add her name if she signed to refinance it. However if she isn't on the title be well aware that although she did sign and is responsible for paying half of the loan, if she deicides to skip out and leave you holding the entire loan she can because she will not be fully obligated to pay her share of the loan since she doesn't have 50 % ownership. She can pack up and move out tomorrow and YOU will be responsible for the entire loan.
2007-02-09 11:17:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If her name is on the new mortgage or deed then yes she is half ownder and has rights but if her name is not on the title or mortgage then no she does not. Her name actually has to be on the deed i think. talk to the original place you have the mortgage through if you want her name put on the deed or title. They will probably make up all new paper work and then you both will have to sign it and you may need a house buyer lawyer to help you do this and i am sure it will cost you some money to do so.
2007-02-09 11:27:24 · answer #4 · answered by Lady Hewitt 6 · 0⤊ 0⤋
She is now responsible for the loan but no implied equity. She needs to pay on your behalf if you default. So you have done her a disfavor.
Since you are not married, this is a "business agreement" of her money in exchange for equity. If there is a mortgage, the bank needs to know. TO make it official, normally it is the county that handles the title change. Maybe a real estate broker or lawyer can help you on the contract.
2007-02-09 11:40:07 · answer #5 · answered by Sir Richard 5 · 0⤊ 0⤋
Instead of refinancing, you may be able to get a HELOC. It is like having your own bank. You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.
2007-02-13 08:50:45 · answer #6 · answered by marshae 1 · 0⤊ 0⤋
She cant be listed on the deed of trust unless she is a owner of the property...How is this happening?
Whoever is listed on the deed to the property has to be listed on all loans to said property unless one or more parties are deeded off first then put back into title...
2007-02-09 11:15:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If she is on the title she does, otherwise if she is only with you on the loan, she is 50% financially responsible for payment, it is the title that deems ownership
2007-02-09 11:13:03 · answer #8 · answered by GirlUdontKnow 5 · 1⤊ 0⤋
This will only obligate her to pay money. She must be added to the "title", which is the ownership document for the property.
2007-02-09 11:14:28 · answer #9 · answered by ignoramus 7 · 0⤊ 0⤋
No! Her name must be on the Deed for her to own it.
2007-02-09 11:15:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋