Paying half the mortgage but not on mortgage deed

[yowers1]

What is the name of your state (only U.S. law)? West Virginia- My fiancee's brother bought this home where we all reside. The understanding was if anything should happen to him this home would come to us. We moved in a year ago all together. He had told us that he would have paperwork with our names on it so it could not be taken away from us.We have yet to see anything of this and by law are considered renters. What do we need to do to cover our future of not losing our home? He could not have been able to afford to purchase this house without us. We pay more than two thirds on everything including the mortgage. Yes our credit is shot from past marriages and that is why it was put in his name. Really could use some advice that would help for our future. He has no other relatives but my fiancee, his brother. The mortgage company will not add on our names. We also are putting in extra money into the home for improvements. Please advice with honest straight up advice. Thank you.

 

[HomeGuru]

What is the name of your state (only U.S. law)? West Virginia- My fiancee's brother bought this home where we all reside. The understanding was if anything should happen to him this home would come to us. We moved in a year ago all together. He had told us that he would have paperwork with our names on it so it could not be taken away from us.We have yet to see anything of this and by law are considered renters. What do we need to do to cover our future of not losing our home? He could not have been able to afford to purchase this house without us. We pay more than two thirds on everything including the mortgage. Yes our credit is shot from past marriages and that is why it was put in his name. Really could use some advice that would help for our future. He has no other relatives but my fiancee, his brother. The mortgage company will not add on our names. We also are putting in extra money into the home for improvements. Please advice with honest straight up advice. Thank you.

**A: since you are not on the deed, the home is not your home. You are legally considered a tenant. Adding your name to the mortgage does nothing to get you title. You should not be spending any money on improvmements since the home is not yours. Did you pay two thirds of the downpayment and closing costs at the time of the purchase?

 

[justalayman]

Other than refinancing the home with all parties on the loan and retitling the property upon closing, I do not see anything you can do to protect your situation.


btw: that is almost always a really really bad idea.

 

[yowers1]

Paying 2/3rd's of the mortgage

Yes we put down 2/3's of the down payment and closing costs. How can we refinance after only one year of purchase?

 

[justalayman]

Yes we put down 2/3's of the down payment and closing costs. How can we refinance after only one year of purchase?

y'all go down to a lender and apply. Given the problems in the housing market, the home might be worth less than what is currently owed so getting a mortgage loan large enough to pay off the existing one might be a problem but that is what you need to do.

and again; sharing title and financial liability with anybody that is not a spouse is a really really bad idea.

 

[Antigone*]

Yes we put down 2/3's of the down payment and closing costs. How can we refinance after only one year of purchase?

YOU cannot refinance the house ~ YOU don't own it.

 

[justalayman]

YOU cannot refinance the house ~ YOU don't own it.

well, the current owner and the current tenants would finance the house. Blame me for the misuse of the "re".

 

[yowers1]

Not on mortgage deed

So basically we are screwed on the future of this home that we love so much and want to hand down to our children. His brother has no family except my fiancee'. So what would happen? The state takes it and kicks us out? Isn't there any other way to protect us from losing this home. I would be more than happy to print a copy or pay for a legal document for his brother to sign. We probably won't have to worry about this for years to come but you just never know.

 

[justalayman]

he can leave it in his will but that does not protect it from creditors either during his life or after.

What has the brother said to the issue? While he originally agreed to the joint ownership, the fact he has kind of ignored you on this tends to suggest he has no intention of doing anything about it.

 

[yowers1]

Brother not pressing the issue

He doesn't want to push the issue because his brother is very diabetic and 60 years old and has alot of respect for family. He wants me to take care of this problem. In other words he wants me to be the "bad guy". So this is why I am looking for the best advice to follow through on that he will have to accept. So far what I have learned is a will not work, a change in the mortgage will not work, having him even having something done with our bank will not work. Any other suggestions?

 

[justalayman]

why won't a will work?

ultimately, even shared ownership does not protect all of the property from claims from the debtors of the owners. there are no guaranteed 100% protections concerning matters such as this.