C
CBlanchard
Guest
State: North Carolina (County: Wake)
My boyfriend & I made an offer on a house for $341,800 and it was accepted. Between the contract acceptance and final loan approval, I was laid off from my job. WE no longer qualify together (I currently own a townhome), but he qualified solo. We agreed that my name would be placed on the deed, but not on the mortgage.
Questions: (1.) My boyfriend's company is paying a % of the down payment as part of a moving package. This will create instant equity. How can this portion of the money be protected in case we were to part? (I don't want him to think I'm trying to get something out of the house I didn't put into it).
(2.) How exactly would the property be divided? I do not want us to be forced to keep up with "who pays for what".
(3.) Since my name is not on the mortgage, is there any way I can benefit from the tax deductions on the property?
All advise is appreciated.
My boyfriend & I made an offer on a house for $341,800 and it was accepted. Between the contract acceptance and final loan approval, I was laid off from my job. WE no longer qualify together (I currently own a townhome), but he qualified solo. We agreed that my name would be placed on the deed, but not on the mortgage.
Questions: (1.) My boyfriend's company is paying a % of the down payment as part of a moving package. This will create instant equity. How can this portion of the money be protected in case we were to part? (I don't want him to think I'm trying to get something out of the house I didn't put into it).
(2.) How exactly would the property be divided? I do not want us to be forced to keep up with "who pays for what".
(3.) Since my name is not on the mortgage, is there any way I can benefit from the tax deductions on the property?
All advise is appreciated.