If 2 people are on a mortgage does that effect ownership rights?

UPDATED: Feb 4, 2011

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If 2 people are on a mortgage does that effect ownership rights?

I want to be included on refinancing of home owned with girlfriend. We purchased a duplex in 2005. She agreed to pay the down payment, the closing costs, and 2/3 of the mortgage. She also would pay for materials to upgrade the property. I agreed to pay 1/3 of the mortgage payment and provide the labor for the bulk of the upgrades. I have repaired my credit and would like to be included in the mortgage, as we are looking to refinance the property. Wondering what effect this would have in our current standing in the property (i.e. on our current 1/3-2/3 agreement)?

Asked on February 4, 2011 under Real Estate Law, Virginia


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

What does the deed to the property say?  Does it list you as joint owners or is the share that you have agreed to written in to the deed?  I am hoping that your agreement is in writing and if it is not then I would STRONGLY SUGGEST that you seek legal help from an attorney to draw it up as you have explained and that both of you execute the agreement/contract in accordance with the laws in your state.   Now, if you are joint owners and are applying to the bank for the mortgage, the bank is not going to do this 1/3-2/3 thing in lending.  They are going to issue you a mortgage based upon your joint application and they are going to hold you jointly and severally liable for the whole amount of the mortgage.  In for a penny in for a pound, as they say.  Consult an attorney in general here.  Good luck.

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