Chasey_Lane
Salt Life
I'll go back to the couple that just bought a house 2 months ago and tell them Pixie said what they're doing is wrong. Thanks for helping them.pixiegirl said:
Buying a house together w/o being married...
- Thread starter Qurious
- Start date
pixiegirl
Cleopatra Jones
Chasey_Lane said:I'll go back to the couple that just bought a house 2 months ago and tell them Pixie said what they're doing is wrong. Thanks for helping them.
You just said it yourself "bought."
And let me clarify. If they bought a house then they either a) financed or b) paid outright. You're not giving a whole story so no one can properly assess the situation. In your first post about your friends you said trade/swap. Which is it????
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Chasey_Lane
Salt Life
Trade/swap meaning not both of their names are on the deed/mortgage. Either way it doesn't matter. They have a house, a mortgage, and a deed.pixiegirl said:
SeaRide
......
pixiegirl said:
Here's what happened to my wife dealing with her ex-husband in the past in Fairfax VA.
They got married. They bought a condo with both of their names on mortgage and the deed for the condo. Simple.
Later on .. She refinanced the loan (down to 15 yrs from 30yrs) Then their marriage sucks. She filed for divorce. During the divorce process, she got his name off the deed and pay him the amount that he's entitled for. BUT.. both names are still on the mortgage loan UNLESS she opt to refinance AGAIN to get his name off (guess that depends on which mortgage company that practice that kind of thing)
Her ex hubby was bugging her for few months that he couldn't buy a townhouse of his own since his name is still on the old condo mortgage loan. (you know credit history check, mortgage approval process crap etc)
So...after she met me
.. She decided to sell the condo and paid off the mortgage loan instead of refinance the loan ($$$).
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pixiegirl
Cleopatra Jones
SeaRide said:Here's what happened to my wife dealing with her ex-husband in the past in Fairfax VA.
They got married. They bought a condo with both of their names on mortgage and the deed for the condo. Simple.
Later on .. She refinanced the loan (down to 15 yrs from 30yrs) Then their marriage sucks. She filed for divorce. During the divorce process, she got his name off the deed and pay him the amount that he's entitled for. BUT.. both names are still on the mortgage loan UNLESS she opt to refinance AGAIN to get his name off (guess that depends on which mortgage company that practice that kind of thing)
Her ex hubby was bugging her for few months that he couldn't buy a townhouse of his own since his name is still on the old condo mortgage loan. (you know credit history check, mortgage approval process crap etc)
So...after she met me
My CP's dad just went through something very similar here in MD. Bought a house with his wife. She left. In order to get her name off the deed he had to refinance the house in his name only.
pixiegirl
Cleopatra Jones
Chasey_Lane said:Trade/swap meaning not both of their names are on the deed/mortgage. Either way it doesn't matter. They have a house, a mortgage, and a deed.
Again you're not giving a clear picture. Are their both their names on the deed? The mortgage?
It doesn't matter. Like I've said your knowledge is second hand. Having been through it twice now and having a realtor tell me that both names can be on the deed w/out being on the mortgage but not both on the mortgage without both being on the deed; I think I'll go with what the realtor tells me as opposed to what Chasey said her friends did.
Wickedwrench
Stubborn and opinionated
Me too!pixiegirl said:
Chasey_Lane
Salt Life
And that's perfectly fine, and I'm going by what I was told they did. But hey, they're probably just lying for your sake.pixiegirl said:It doesn't matter. Like I've said your knowledge is second hand. Having been through it twice now and having a realtor tell me that both names can be on the deed w/out being on the mortgage but not both on the mortgage without both being on the deed; I think I'll go with what the realtor tells me as opposed to what Chasey said her friends did.
Did you occur to you that maybe you can do both? :shrug:
Chasey_Lane
Salt Life
You can alter the deed at any time. But you're right, in order to get someone's name on/off the mortgage, you have to refinance.Wickedwrench said:Me too!
Wickedwrench
Stubborn and opinionated
I'm just thankful for low interest rates at the time.Chasey_Lane said:
pixiegirl
Cleopatra Jones
Chasey_Lane said:
Did it ever occur to you that maybe you misunderstood?
And no, I never considered that it could be both because that's not what my realtor told us when we bought our first house together. It also does not make good sense for forclosure/repossesion purposes that I stated earlier.
Take this scenario. You and Day buy a house and finance it together. For whatever reason the deed to the house goes only in his name. 15 years from now you decide to get a divorce and sell the house. The deed is ONLY in his name and you legally have to right to it even though you lived in it and paid for it for 15 years.
Or, You and Day have a house as do Pete and I. We decide to swap deeds and houses yet keep our original mortgages. Pete and I split up and I can't afford the mortgage by myself so I default. The mortgage gets forclosed on. What property is the mortgage company going to go after? The property that the morgage was for, ie the house that you and Day are living in and have the deed to. How can they reposses a property from me for non payment if my name is not on the deed to that property?
Chasey_Lane
Salt Life
Pixie, you can continue this conversation with you, yourself, and Irene.pixiegirl said:
cattitude said:My ex and I bought a house with proceeds from my condo. We were NOT married but married a short time later. My name was not on deed and not on loan. I lived in the house for 2 years as husband and wife and our money was pooled and bills paid. When we split, I got nothing. I did however refuse to give him a divorce.
Does this mean Otter's not my real daddy? 