Legal Question in Wills and Trusts in Michigan
House ownership
We live in Michigan and my boyfriend wants to put me on the deed to his house. I'm worried that since he has a mortgage on the house that I will be also legally responsible to pay the debt. Or will being put on the deed mean that I have part ownership of the house but no legal responsibility to pay the mortgage? I just want to know the the ramifications of doing this? I do understand the bank has a lean on the house until the mortgage is paid back. He already has me on his trust to inherite the house in case of his death.
2 Answers from Attorneys
Re: House ownership
You have to have signed and become a party to the mortgage agreement in order to be held liable on the mortgage. The addition of your name on the deed will provide you rights of ownership, however, your rights would be second to the rights of the bank.
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Re: House ownership
A mortgage and deed are completely separate. If you are put on the deed, you do not have a financial obligation under the mortgage note. However, you may be held responsible for association dues or property taxes associated with the property, since you are on the deed.
If you are put on the deed, however, then the house will NOT have to go through probate should he pass away - it would go directly to you, which would save you time and expense of opening an estate, delays in transfer, disputes by your boyfriend's family members as to their possible interest in the house, etc.
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