If someone is not on a mortgage but pays for half of it, what can be done to protect their legal interests?

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If someone is not on a mortgage but pays for half of it, what can be done to protect their legal interests?

I just bought a home live with my significant other (we are not married). My name alone appears on the title, mortgage loan, and all but one utility bill. My boyfriend helps pay 50% of the mortgage and bills. As we are not married, and my name is solely on all of the legal documents, is there anything we can put in place to ensure both of us would be protected legally and financially if something were to happen? I know that I may be able to put his name on the title but I would like to know what other options may be available in addition to that.

Asked on January 30, 2012 under Real Estate Law, Nevada

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Here is the problem. Your boyfriend is not a legal title holder to the property and has not been named on the loan. So on one hand, he is paying towards a mortgage to which he is not obligated to pay and on the other hand, you are getting the benefit because you hold the title. Placing him on the title alone with you is not going to help, because a) it may accelerate your loan and make it all due immediately because there is likely a provision in your name to prohibit you from transferring it and messing with the security interest the bank holds on that property and b) it doesn't do anything to require him to pay on the mortgage since he is not obligated to pay. You would need to consider whether it may be more beneficial for you to transfer in joint title and refinance to ensure both of you are on the title and on the mortgage loan.


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