Me and my boyfriend both have our own properties and live apart. We both have mortgages. What would happen to my mortgage if I was to sell my house and move in with him? Do I add my mortgage to his and start paying towards his mortgage? Does my outstanding loan amount get added onto his outstanding mortgage amount and then a new repayment amount is calculated?
2007-11-12 21:47:47 · 4 answers · asked by rainbow 1 in Business & Finance ➔ Renting & Real Estate
You sell your house and repay the money you owe with that, you get to keep any profit. make sure u get ur name added to your bf mortgage!
2007-11-12 21:52:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It depends. Just because you move in with him you don't have to assume his mortgage. You could sell your house, bank the money, let him pay his mortgage and you could pay other bills, like gas, electricity, cable, etc. This way he would be responsible for his own mortgage. Are you going to get married one day? Now, if you sell your house, take the money and pay it into his mortgage and you become a co-owner, then you would definitely be paying into it every month. Then if things didn't work out you could make him sell the house or buy you out. It's difficult, at best!
2007-11-12 21:55:03 · answer #2 · answered by She She 3 · 0⤊ 0⤋
The loan on your house has to be paid off when the collateral for that loan (the house) is sold. No bank is willing to let you pay them (and owe them) money without the backing collateral.
You can keep the house and the mortgage if you choose to rent it out (not a bad idea in case things don't go as planned). You can always sell later!
good luck!
2007-11-12 22:57:37 · answer #3 · answered by Rush is a band 7 · 0⤊ 0⤋
if you sell your house, hopefull you'll make enough to pay off what you owe. and it will not be added to his mortage. especially if you arent in a legal union
2007-11-12 21:56:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋