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If unmarried couple has a home with both of their names on the mortgage but only 1 person paid the down payment and 1 person were to leave what would they get from the house only having helped pay?
Wiki User
∙ 14y ago
Unless there was a different scheme set forth in the deed such as a 60/40 split in interest, each co-owner is legally entitled to one-half the net value of the property. If one wants to buy the other out and the couple can negotiate a fair price, the one who paid the down payment should get credit for it. The couple needs to settle this fairly between them. If they can't then they should go through a mediator.
Wiki User
∙ 14y ago
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What is the maximum number of people that can get a mortgage on one house?
Talk to the mortgage officer of the bank. The bank is interested in "having names" on the mortgage to assure the bank that the bank will be repaid for the money that it loaned. The laws of the state may have a bearing. In some states, an unmarried couple can share responsibility. In other states, they can't. Be careful when you "get too many names" on the mortgage. It leads to bickering in the event of a non payment. It complicates things when the house is to be sold and the mortgage retired. Get some legal and tax advice on this. Be careful. Mike B
What is the purpose of mortgage alliance?
A mortgage alliance is an alliance which will help you to pay your mortgage, in most cases by having a money buffer. They will help you in times you cannot pay it to make it possible to delay the payment.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
What are the benefits of having a bimonthly mortgage payment?
Actually, there several benefits of having a bimonthly mortgage payment. One of the benefits is for example the faster pay-off of the loan. Another benefit would be less total payments for the loan - mainly because of less interest payments due to the faster pay-off.
How are jumbo mortgage rates different from regular mortgages?
Jumbo mortgage rates are different from regular mortgages in several different ways. Jumbo mortgage rates differentiate from regular mortgages by having a larger payment due.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
Can an unmarried couple living together rasing a child be members of a baptist church according to scripture or doctrine?
Yes, in some Christian sects an unmarried couple living together can raise their child according to scripture and doctrine. However, having a child out of marriage and living together before marriage is frowned upon in most churches.
Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs". This downside may not outweight the benefits of having no mortgage payment.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
A bi weekly mortgage reduces the term of a thirty year mortgage to how many years?
By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the term of a mortgage loan. Typically, if a homeowner pays half of their monthly mortgage payment every other week, they will reduce a 30-year fixed-rate mortgage by approximately seven years. The reason is simple: instead of making 12 monthly payments, homeowners are making half a payment every two weeks, resulting in 26 half payments per year, or the equivalent of 13 monthly payments in a 12-month period. In the end, the principal is paid down a great deal faster, saving a significant amount of money on mortgage interest payments. Most banks and mortgage lenders offer bi-weekly payment options, and many even offer a weekly mortgage payment option. If you're willing to pay your mortgage bi-weekly, and your lender offers the opportunity for weekly mortgage payments, take full advantage. Does this opportunity to pay off your mortgage early sound too good to be true? Well, there is one caveat: most banks that offer the bi-weekly or weekly payment options also charge a fee to sign up, often hundreds of dollars. However, there is a way to achieve the same results without having to pay these unnecessary fees. Merely make one extra monthly mortgage payment per year or simply distribute an extra month's payment evenly throughout the year by paying down the principal each month. Most monthly mortgage statements provide an extra line for an "extra principal payment." To see exactly how much money a bi-weekly or weekly payment plan can save you over the life of your mortgage loan, an online accelerated mortgage calculator will do the figuring for you. You will be pleasantly surprised at how much time will be removed from your mortgage term.
How does having bad credit affect my mortgage payments?
If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
