Not married: Home loan in both our names or just one?

[Petunia 100]

The biggest red flag to me was that she was surprised that her name was not on the mortgage. To my way of thinking, that is something they should have decided together, not something for the mortgage broker to decide. She did not respond to my questions, so perhaps I misunderstood and it wasn't that way at all, or perhaps the matter was not a red flag to her.

I have considered buying a house with my BF, so I don't fault her for that. I do think if she plans to move ahead she needs to take steps to protect herself.

[graceful]

Just as a curiosity, what would be the disadvantage for HER to have the mortgage solely in HIS name and the deeded ownership in BOTH their names as it looks like the bank is willing to do? (from her first post)

Wouldn't she have legal ownership of part of the house WITHOUT legal obligation to re-pay the loan? What would be the downside for HER personally?

Of course, assuming it would WORK and the bank allows it, they should have an agreement stating what happens in case of a break-up, death, etc.

I have a sneaky suspicion that the boyfriend is selling her on her win-win situation and THEN at the eleventh hour the "bank" won't allow the loan to close with HER name on the deed and NOT on the mortgage also... and then due to a last minute decision in order not to lose the house and loan, she's out of both the mortage AND the deed...

[NetSkyBlue]

Originally Posted by graceful

Just as a curiosity, what would be the disadvantage for HER to have the mortgage solely in HIS name and the deeded ownership in BOTH their names as it looks like the bank is willing to do? (from her first post)

Wouldn't she have legal ownership of part of the house WITHOUT legal obligation to re-pay the loan? What would be the downside for HER personally?

If he did not pay the loan and was foreclosed upon, the property would be taken by the bank and she would have no legal grounds to say, "hey, I live here, let me pay the unpaid mortgage." And there would be a mark on her credit report saying that property of which she was an owner was foreclosed on.

Basically, he doesn't pay, she loses the property and can't do a thing about it.

[photo]

Originally Posted by thefrugallery

She seems pretty set on having both names on the home. If they're going to do it anyway I would just make sure that she can handle the mortgage on her own so that if he bails her credit is not screwed.

For someone who can't decide whether she's actually engaged and didn't intervene when she didn't see her name on the mortgage, something tells me that a detail like handling the mortgage herself didn't quite occur to her.

[Angio333]

THe home should be in both names - but only after you are married.