Does fiance have ownership in my home?

Question

I am currently buying a home. My boyfriend's name was on 1 document of my packet of documents to sign. (It was only his name and income). I'm guessing they used his income + mine to qualify me for the home. They also asked if he will be living there. (Yes.)
My question is, his name will not be on the title or mortgage payments. (So I'm told). Will he have any ownership in this property?????

My agent said he doesn't have to show up to closing. I'll be the only one signing. Is it possible they'll want to add him before I can close -even though the mortgage broker said I qualified on my own??

Thanks!

Answer 1

they probably used his income through 'boarder income'.

if he makes future payments on the mortgage, and can show proof that he did...he may have ownership interest in the property. it would be hard to prove w/out the receipts though.

other than that...he name NEEDS to be on the TITLE...being on the mortgage means nothing

Answer 2

If you qualified on your own and he doesn't have to show up at closing, he won't have any ownership in the home.

Until you get married.

Then, it will depend on state law. Some states give a spouse an interest in all real estate owned during the marriage, regardless of when or how acquired.

You may be able to avoid this by taking title in an LLC in which you are the sole owner.

An attorney can tell you how this works in your state.

Answer 3

I'm not sure about the laws in your state, but here in Alberta, Canada, if you live together (the home is listed as both you and your boyfriend's main residence) for over 6 months you're considered common-law and he gains rights to the home (the government's reasoning is that if he's living there, he's contributing to the costs of living there meaning he should get something out of it).

Anyway, your best bet would be to put his name on the contract if you want it there, or you could wait until later and have a lawer add his name onto the deed, although this will probably cost you around $500 in lawer fees. If you want to make sure he DOES NOT have any rights to the home, again just get a lawer to draw up a contract and have your boyfriend sign it.

Answer 4

Cindy , you ask this question, in three different arenas, now I understand he DID sign some papers. If he signed papers, and was asked for his income. He will be put on the mortgage. This is not up for debate! R.E.S.P.A. requirements dictate this in black and white. Do NOT close until you have a lawyers pkg. prior to closing. If you are closing this Tuesday, then get this pkg. on Monday, and have a R/E Lawyer review it! One of two things is happening here, and neither one is acceptable! Good Luck!

Answer 5

Anything is possible.
the problem question is Did They qualify you with ur income Only or qualify u with his also. if the 2 of u , don't do this unless ur final monthly payment is less than 40% of ur take home pay on a fixed rate.
no variable rate, if so walk , no run away without signing. READ all the papers with legal counsel. if they are talking u got 50/50 chance of be lied to.
if his name isn't on the papers - he has no legal rights or liablity to the house.

Answer 6

Get his name removed off of any and all paperwork that you sign - even if you have to reschedule the closing.

Although legaly, if he doesn't sign and his name isn't on the deed or mortgage he has no ownership, but that's not to say that since his name is on some of the paperwork he could sue and get something for it. Don't take that risk.

Answer 7

It is possible and depends upon which state you live in. If his money went into the deal he may have some ownership rights.