Expert: Denise Monaco - 6/9/2009

Question
Hi, my girlfriend bought a home that I lived in, starting in 1993.  In 1994 she said she needed funds and was thinking of selling but we agreed that if I paid her $25k over a 2-year period (to reimburse her down payment) she'd keep the house and I'd become a 50% owner.  It's 15 years later, there is still a mortgage, and I wanted to have her add my name to the title, but she says that it could jeopardize her mortgage.  Is there a simple way to add me to the title or come up with a contract that will legally protect my interest?  The relationship is positive.

Thanks!


Answer
Hi Destin

It is very east to add your name to the house by just adding you to the deed which would put your name on the title only.  She would still be responsible for the mortgage payments.  If you want to be on the mortgage she would need to refinance the house and add you to the mortgage and then you and she would both be responsible for the mortgage payments.  Having your name added to the deed in no way jeopardizes her mortgage.

Good luck and let me know if you have other questions.

Denise