Re: Can I be added to an existing mortgage?

glamour2c <[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]
> My boyfriend bought a house with the help of his parents. Both of them
> are on the mortgage. My boyfriend wants me to move in with him after
> engaged. Is it possible to add me to his mortgage, if there are
> already two people on it? I dont want to move in and help pay on a
> house that I cant count as mine own as well if we are to build a
> family in it. And having his parents off of the mortgage doesnt seem
> feesable because his dad lives there part time when he works in town
> and pays part of it. Whats the best way to go about this? Help!Many
> thanks,
> Glamour2c

What I think you're really after is getting your name on title, not the
mortgage. Title refers to ownership, the mortgage is a liability. These are
two completely different things. For instance, his parents may be on the
mortgage as co-signers, and be obligated for that debt, but they are not
necessarily listed as owners on the recorded title.

Why would you want to be put on the mortgage before getting married? (Or
after for that matter) That's a big mistake. Once you get married, you may
add your name to the title with the approval of current title holders --
depending on how title is currently held. If they are tenants in common,
your husband may give you part of his share without the parents' approval.

When you get married, the best way for the four of you to hold title is two
shares (equal or not) of husband and wife joint tenant (HWJT) as joint
tenants. (Mr & Mrs John Doe HWJT and Mr & Mrs John Doe Jr HWJT) In other
words, you will have a share jointly with your husband and your inlaws will
have the same but no party may sell or otherwise tranfer title without
permission of the other owners. You will also have right of survivorship

How you and your husband split the ownership with his parents is up to the
four of you to decide. His parents may agree to be removed so that you and
your husband have full ownership. As the newcomer, I highly recommend that
you leave that up to the three of them to determine.

If his parents are on title and agree to be removed in exchange for removal
from the morgage, then it's reasonable to put your name on the mortgage.
However, the lender must do this. Depending on how long the house has been
owned, loan to value ratio, etc, they may require you and your husband to
qualify without his parents before agreeing to the change. It's possible
that you will have to (or want to) refinance.

After you figure out how to proceed, it's crucial that you get the new title
recorded.