Right of Survivorship

What is the name of your state?Ohio

I hope someone can help me. I would like to buy a house as the interest rates are low. My credit (due to ex-husband) is very bad. My father wants
to buy me a house in his name with me making the payments. I see all kinds of problems with this, what if he passes away quickly (God Forbid), and my credit is not improved, can't I lose everything I''ve paid ie, downpayment, any payments made, etc. One attorney told me that we could use a right of survivorship, but how does that work? What if the house isn't paid for, wouldn't I still need to be credit worthy?

[HomeGuru]

Originally Posted by wmiracle

What is the name of your state?Ohio

I hope someone can help me. I would like to buy a house as the interest rates are low. My credit (due to ex-husband) is very bad. My father wants
to buy me a house in his name with me making the payments. I see all kinds of problems with this, what if he passes away quickly (God Forbid), and my credit is not improved, can't I lose everything I''ve paid ie, downpayment, any payments made, etc. One attorney told me that we could use a right of survivorship, but how does that work? What if the house isn't paid for, wouldn't I still need to be credit worthy?

**A: both you and him be the Buyer's and qualify for the mortgage loan. Hold title in joint tenancy.

Originally Posted by HomeGuru

**A: both you and him be the Buyer's and qualify for the mortgage loan. Hold title in joint tenancy.

The mortgage company said my name couldn't be on the loan (groan) is there any way for him to buy the house and still protect what I have put into it?

[HomeGuru]

Originally Posted by wmiracle

The mortgage company said my name couldn't be on the loan (groan) is there any way for him to buy the house and still protect what I have put into it?

**A: yes, see a real estate attorney for various options.