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I am a 50's male and have a long term live-in girlfriend. We are looking at buying a house together and intend to eventually marry. Even though she makes considerably more than me, she has no money in savings toward down payment due to financial obligations beyond her control. My question is, if I front the down payment and closing costs etc, and only buy the house in my name (her credit sucks and would increase our interest significantly) can I add her name to the mortgage at a later date without refinance or considerable cost?
Also, god forbid things don't work out between us, is there any way I can legally protect myself if she decides to bail and I have to sell the place because I can't afford it on my own? I am concerned about losing closing costs and down payment and not being able to recoup it from her should anything bad happen. Maybe being overly cautious, but I was screwed over by an ex-wife and I am not looking to have problems at this age. Advice?
If you buy the house in your name only, then if you separate, the house is yours.
You get back whatever investment you have made to the house, therefore recouping your downpayment, should you sell.
In all honesty, if you can get the house strictly with your income,down payment, etc, then why bother putting her name on it at a later date. Just roll with it as it is.
Yes you need an attorney and I agree you should buy the house yourself and then enter into a formal agreement where she pays rent but doesn't accrue equity in the property. If you end up getting married then you can reformulate your agreement if necessary and can will the house to her in the event you die before her. But with her bad credit hanging off her and with nothing financially stable to offer, do the smart thing. Buy something reasonably priced that you CAN afford on your own and stash away whatever rent she pays that you don't need for mortgage payments so that you build up a nice little nest egg. Good luck!
If this is the same GF who kisses other men in front of you and refuses to take you to company functions, you should not buy a home with her or eventually marry her. You should dump her. Yesterday.
If this is the same GF who kisses other men in front of you and refuses to take you to company functions, you should not buy a home with her or eventually marry her. You should dump her. Yesterday.
Oh dear. I read the other post and see what you mean. Please do listen, MrStress (an appropriate handle!). If you can afford to buy a modest home then go ahead and find a nice place you can enjoy - but don't go into it financially with the lady in question as, having read your previous post, it's even more apparent that you need to protect yourself and what you have. Good luck!
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