Posted by Max-Va on June 08, 2006 at 14:25:58:
If your name is on deed, you own the property. The mortgage is just securing the loan, it has nothing to do with ownership. If your fiance does not make payments your ownership in the property could be lost.
Rights regarding home deed vs. home morgage - Posted by patricia
Posted by patricia on June 07, 2006 at 07:52:40:
My fiance and I just bought a home. I should say, he bought a home. I still own my home and plan to sell it. He needs the interest deduction so he acquired the loan in just his name, but I am listed on the deed. Does this give me any legal rights to the home. I want to make sure before I sell my home.
Re: Rights regarding home deed vs. home morgage - Posted by BTL
Posted by BTL on June 11, 2006 at 12:14:00:
Patricia
Check the deed again to be sure what you own, the percent the deed says you own is what you own. and he could only sell his percent in the future if he had to.
My concern is he put the mortgage in his name only. So that is good for you sort of, if the mortgage secured by only his share of the property.
Does this mean he is going to make the entire mortgage payment and take the deduction, or is he expecting you to pay too, and get no deductions ever. It is something that you need to cover for now and for the future when the honeymoon is over. The wrong decisions now will usually come back and bite you where you don’t want to get bit.
BTL