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
A mortgage is calculate by multiplying the principle(or amount borrowed to purchase house), times the interest of the loan over the period of the loan. <a href="http://www.acalculator.com/fha-mortgage-loan-calculator.html">Mortgage Calculator</a> helps to find the maximum monthly payment and the maximum loan amount for which you may qualify, calculate your taxes/insurance and also to see if your income is sufficient to qualify.
When you are interested in buying a new house, if you are like most people, you will need to take out a mortgage. What people may not be aware of is that with a conventional mortgage if you don't put down at least 20% of the cost of the house, you will have to pay for expensive mortgage insurance. To avoid paying this insurance, you should not consider buying a house until you are sure you can come up with at least a 25% down payment. Not only will you avoid mortgage insurance, but, you'll probably get a better deal on the mortgage.
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
You will be able to keep the house provided you keep making the mortgage payments. In a chpt. 13, if the 1st mortgage amount is higher than the house value, you can strip the 2nd mortgage and treat it as an unsecured creditor. If the house value is higher than the 1st mortgage, then you will need to keep paying both mortgages.
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