Legal Question in Real Estate Law in Maine

Before I roll my construction loan into a Mortgage, what are my options?

I am exploring my options. My current situation is I have finished building a home with my boyfriend. We are moved in the house and have yet to roll it into a mortgage. We are speaking about seperating and I would like to know what my options are as far as the property goes. We both are listed on the loans and soon the mortgage.I have contributed as much money as him and would hate to just leave my new home behind. I would like to know if I am able to stay in th ehome or will have to remove my name from the mortgage???

Please help!!


Asked on 4/26/04, 8:16 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Before I roll my construction loan into a Mortgage, what are my options?

Your question will require an indepth consultation to identify and evaulate all the facts in your situation before any specific course of action can be suggested. In this regard feel free to call me directly at 767-4824, or another local attorney.

However, with that said, I can still identify for you some issues to consider. How is the property currently titled? How was it acquired? (purchased, gift or inheritance) how much was paid down? what is the total of the construction loan now? Is there any equity in the property? can either of you make the future mortgage payments by yourselves? Is there a requirement that the mortgage be taken out by both of you for credit issues? would you be approved with another co-signer? Is there any personal property or other debts that need to be considered?

Read more
Answered on 4/26/04, 8:42 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Maine