Who can be included in the title?

Question

I am an immigrant worker in Texas with a job that has very real prospects of relocation say in the next 3 yrs. I'm planning to purchase a house but I'm concerned about the risk involved if I was suddenly relocated. So my question is can I include a relative, who is a permanent Texas resident or US citizen in the title even if they are not in the mortgage loan? - then I won't have to worry losing substantial sums by selling the house later at devalued price just to get my investment back hurriedly?

Answer 1

you can quit claim anyone you want onto the title once the loan is done, however if you were deported per se, and the loan defaults, the mortgage company remains the lien holder and retains the right to foreclose, however if this U.S. citizen will make the payment. Also review your mortgage note, because texas has different laws in regards to the homestead laws. In AZ I know that you can add anyone but if Texas' homestead law says different well. yeah.

Answer 2

During the purchase process the lender will require anyone whose name is on the deed to be on the loan.

Adding someone after the fact is possible but you'd only be giving away half of your home with no benefit back to you. The new co-owner would not legally be responsible for the mortgage payments but when you sold they'd be legally entitled to half of the equity proceeds. You'd still be responsible for the mortgage payments until you sold the property. Getting a job transfer won't get you off the hook for that.

In the current market it's likely that you won't build enough equity in 3 years to cover your selling costs. And if the market continues to slide you may well be upside down on your mortgage (owe more than the home is worth) and be unable to bail yourself out without destroying your credit.

Given these considerations, I'd rent for now until you know that your job situation will be a little more stable than it is right now.

If you do decide to buy, don't add anyone to the deed unless they're on the loan as well! And before you take the plunge, compare rental rates in the area to your estimated monthly mortgage payment to see how you would fare if you had to rent the place out if you moved from the area. This can be an excellent way to build a real estate investment portfolio -- I've done it myself and made a ton of money over time -- but you need to go in with your eyes wide open to make sure that you can swing any monthly shortfall while you wait for rents to rise.

Answer 3

instead of a relative, just rent out the house if you have to leave hurriedly.