adding a name to a mortgage?

Question

hi can anybody help, my neice has been living with her partner for over 4 years, the mortgage and deeds are solely in hes name, a lot of the bills are in her name, she now wants the mortgage put into joint names is this possible and any idea of the cost, is there any benifit to this for her security. thank you

Answer 1

Adding your niece's name to a mortgage without adding her name to the title means your niece will get nothing out of it if they are not married. If your niece wants to add her name to a mortgage, she can't not do it without she and her partner refinance the house. On the other hand, if your niece's partner wants to, the partner can add your niece's name to the title regardless of whether or not your niece's name on the mortgage.

Answer 2

Yes if he agrees and the lender agrees. The benefit is if they sell she gets half (unless agreed otherwise) If there is a default she would be jointly and severally liable for any no payment ( that means she is responsible for the whole of the mortgage not half as is he to the total amount ) If the house increases in value she on sale gets half the profit. I think getting her on the deeds mortgage is safer for her because at present she pays running costs with no security. he has all the security

Answer 3

Yes, and to title. Get legal or real estate help as to how you want to be listed--joint tenants, tenants in common, etc. Do you live in a community property state. Make sure this benefits both of you, in the most ways possible. Also, update your will, make sure you have beneficiaries of your life insurance listed, as you want them listed. You need a long-term financial plan, that includes the mortgage planning, if you want to ever be able to retire. Also, learn how to use the equity in your home to help you become financially free. Your own personal financial situation will determine whether or not you want to pay this mortgage off faster, and invest on the side, or use the equity, as it builds up, to build a side-fund that you can invest. Congratulations, and start learning and reading---and finding a good accountant!

Answer 4

in order to put another person's name on the mortgage, the home has to be refinanced. i am a realtor in texas and just went through that with a customer. he and his sister co-own a fourplex. now the sisters husband wants to be on the mortgage, too. i told them to find out from their mortgage company if the brother-in-law can be added to the mortgage. the response was that this only can be done with refinancing and of course that means closing costs (some mortgage companies allow them to be rolled into the new loan amount)

benefits and security for her? not really, because if he doesn't pay his share, she will still responsible. the only benefit is to him, because he than will co-own the place.

Answer 5

The mortgage is a liability , but to get on it , the bank would probably do a refi to include her .
They should ask the lender that provided the loan .
Different lenders have different protocols .

As far as her 'security' , putting her name on the title / deed should take care of that , although I believe ,
the lender holds title until the mortgage loan is paid off .

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Answer 6

should only cost about £100 as long as she passes the credit check. at moment she has no rights to the house even though most of the bills are in her name. when shes on the mortgage shes responsible for half of it also shes entitled to half if they seperate

Answer 7

niece is looking to get the financial shaft.
if he hasn't married her , why should he. he getting the milk for free.
she needs to dump him and move on.
her security is getting a better man, now.
legally she and he would have to take out a new mortgage after qualifying. worst case thing for her to do.