Both on title ?

[borreman]

What is the name of your state? California

My girlfriend and I are buying a condo. We are coming with 50K as down payment and my girlfriend is taking the remaining of the loan by herself because she is the one with the job right now. Now that we are near to close on the property, the escrow company just told us that my name will not appear on any documents (title/deed,...) as my name is not on the loan !

They say my girlfriend should quick claim it to my name 1 month after closing. We believe this to be non sense ! What if something happen to her during that month period ? Then I have no legal right whatsoever over the property, I would have to deal with her family, and I would lose my 25K that I brought for down payment !

Is this standard procedure or can we legally request that my name appear on the documents even if my name is not on the loan ?

Thank you for your help.

[BelizeBreeze]

Originally Posted by borreman

What is the name of your state? California

My girlfriend and I are buying a condo. We are coming with 50K as down payment and my girlfriend is taking the remaining of the loan by herself because she is the one with the job right now. Now that we are near to close on the property, the escrow company just told us that my name will not appear on any documents (title/deed,...) as my name is not on the loan !

They say my girlfriend should quick claim it to my name 1 month after closing. We believe this to be non sense ! What if something happen to her during that month period ? Then I have no legal right whatsoever over the property, I would have to deal with her family, and I would lose my 25K that I brought for down payment !

Is this standard procedure or can we legally request that my name appear on the documents even if my name is not on the loan ?

Thank you for your help.

Regardless of whether or not you think this is nonsense, it's the loan company's right NOT to allow you an ownership interest in THEIR property without also assuming an equal portion of the debt.

You have no dog in this fight. Either get a job to qualify to be on the mortgage, do as they say or find another finance company or fiance.

[panzertanker]

[url]http://forum.freeadvice.com/showthread.php?t=294129[/url]

Double post

[borreman]

Thank you for your reply, but actually, it is not the loan company's fault. They told me they are ok with me being on the title, but the deed of trust has been established by the escrow company in such a way that only the person on the loan can be on the title. According to the loan company, the escrow company made a mistake.

Now saying that I am not part of the debt is non sense. My girlfriend is assuming the loan by herself, but that doesn't mean I am not part of the debt. If my girlfriend decides not to reimburse the mortgage anymore, and the condo goes into foreclosure, the first thing that will happen is the lender going to get his money and then give us the leftover if any ! So what interest would I have in no paying or reimbursing ? I am entirely responsible with my girlfriend as I have 25K of my money into it already ! Nobody would want to lose that...