Expert: Dick Dennis - 7/1/2009

Question
Hi,  is there any way to have my girlfriend added somehow as tenant in common if I purchase a house where I am the one on the mortgage.  We will get a much better rate if it is just me on the mortgage, but she will be contributing to the home and would like her to be protected in case we split or I died.  Does the lender decide these things?  Are there other legal ways to ensure her a stake in the house if the lender won't allow both names listed on the title/deed?

Thanks so much for your help!

Answer
Very simple, Tim. Just add her name to the title in any manner you choose. The lender has no right to dictate to you who can be on title AFTER you obtained the loan. Go into your nearest title company office or real estate attorney office to make sure it is done correctly.

Just be aware that boy and girl friends break up all the time. It becomes an expensive thing when the original owner tries to get his or her interest back. The attorney should be able to explain it. I wish you well.

Dick Dennis
dixiedee13@aol.com