OT . Real Estate professionals Mortgage ?

[Kingfisher]

With my wife in alzheimers memory support unit and very well taken care of I'm moving on with my life. My wife and I talked about this happening. She knew a few years ago what this disease was going to do to her and told me many times that when she got to this point that she wanted me to be happy and find someone to share my life with. Many of you have followed my journey as caregiver over the years and I so appreciate your concern and support.

I've met a wonderful woman, who incidentally lost her husband a few years ago to ALS, so we share this commonality. We are very much in love and at our age, mid 60's, we are taking steps to spend the remainder of our lives together.

Anyway, we are buying a house together. Initially her name will be on deed and I will be added later after closing. My question regards the down payment.
Will mortgage companys take two different checks (hers and mine) at closing or do I need to deposit my check into her account prior to closing.
Thanks guys for any insight.
Bob

[tommyrod74]

With my wife in alzheimers memory support unit and very well taken care of I'm moving on with my life. My wife and I talked about this happening. She knew a few years ago what this disease was going to do to her and told me many times that when she got to this point that she wanted me to be happy and find someone to share my life with. Many of you have followed my journey as caregiver over the years and I so appreciate your concern and support.

I've met a wonderful woman, who incidentally lost her husband a few years ago to ALS, so we share this commonality. We are very much in love and at our age, mid 60's, we are taking steps to spend the remainder of our lives together.

Anyway, we are buying a house together. Initially her name will be on deed and I will be added later after closing. My question regards the down payment.
Will mortgage companys take two different checks (hers and mine) at closing or do I need to deposit my check into her account prior to closing.
Thanks guys for any insight.
Bob

I think it depends on the state you live in, but here a certified check to the lawyer handling the closing (it goes into his escrow account) is required.

[glepore]

Does the mortgage company know about you? If not, she's going to have to prove that she had the money prior to closing, and that it didn't come from you.

[Kingfisher]

Yes they know our situation

[oldpotatoe]

With my wife in alzheimers memory support unit and very well taken care of I'm moving on with my life. My wife and I talked about this happening. She knew a few years ago what this disease was going to do to her and told me many times that when she got to this point that she wanted me to be happy and find someone to share my life with. Many of you have followed my journey as caregiver over the years and I so appreciate your concern and support.

I've met a wonderful woman, who incidentally lost her husband a few years ago to ALS, so we share this commonality. We are very much in love and at our age, mid 60's, we are taking steps to spend the remainder of our lives together.

Anyway, we are buying a house together. Initially her name will be on deed and I will be added later after closing. My question regards the down payment.
Will mortgage companys take two different checks (hers and mine) at closing or do I need to deposit my check into her account prior to closing.
Thanks guys for any insight.
Bob

First, I am heartened and sad about your situation..best of luck..

I helped my son with a down payment when he bought his house. I had to 'give' him the money before closing..in Colorado..hope it helps and again, good luck to you, you and your new partner deserve happiness.

[alancw3]

With my wife in alzheimers memory support unit and very well taken care of I'm moving on with my life. My wife and I talked about this happening. She knew a few years ago what this disease was going to do to her and told me many times that when she got to this point that she wanted me to be happy and find someone to share my life with. Many of you have followed my journey as caregiver over the years and I so appreciate your concern and support.

I've met a wonderful woman, who incidentally lost her husband a few years ago to ALS, so we share this commonality. We are very much in love and at our age, mid 60's, we are taking steps to spend the remainder of our lives together.

Anyway, we are buying a house together. Initially her name will be on deed and I will be added later after closing. My question regards the down payment.
Will mortgage companys take two different checks (hers and mine) at closing or do I need to deposit my check into her account prior to closing.
Thanks guys for any insight.
Bob

why not your name on the deed also at closing. i see no reason why that cannot be. i would not do. i was a realtor on marco island for twenty years and i have seen it all. "hope for the best plan for the worst" just saying. if you are providing money at closing make sure your name is on the deed!

[glepore]

Bob, it shouldn't matter, but check with the loan officer handling the loan as to what they would prefer. If the qualification was based on just her credentials (ie you weren't both actual applicants) they may have an underwriting issue on their end. From the standpoint of the title company, they probably don't care, but the cleanest method to do this, assuming the the mtg company is good, would be to put the funds in her account, by wire if time is an issue, and then drawing a single bank draft on her account.

[Hilltopperny]

Before my wife and I were married we bought our first house. I was not allowed to write a check to cover the closing and had to slowly put money into her account before we made the down payment. It had something to do with the wonderful patriot act.

I was told that her parents could make the deposit, but not me. This was in NYS and I'm pretty sure carries over to all other states. My wife was also the sole person on the deed until we were married which was only one month later.

Very sorry to hear about your wife and glad to hear you have someone to spend your life with. Good luck!

[Gummee]

The $ has to be accounted for. It can't just 'show up' in her account. If you have 3 months, deposit the $ now, then 3 statements later, she can prove that the $$ are hers.

...and you can't write a check for the down payment from your account or the lender is going to have a conniption.

M

[tv_vt]

why not your name on the deed also at closing. i see no reason why that cannot be. i would not do. i was a realtor on marco island for twenty years and i have seen it all. "hope for the best plan for the worst" just saying. if you are providing money at closing make sure your name is on the deed!

Have to say I agree with this. Why isn't your name going on the deed if you are putting money up? Sorry, but something smells fishy here to skeptical me. You've not given a legit reason why your name shouldn't go on it. Maybe there is one, but you haven't mentioned it.

You need to protect yourself, even in the midst of your happiness. And your new mate should understand that and accept that.

[19wisconsin64]

Glad to see you and your new partner are moving forward in life.

Please reach out to the loan processor and loan officer right away to get on the same page. They need to clearly communicate things with the underwriter to avoid any last minute issues that can stop / lose the purchase of a property.

Very important you do this, and to make sure all parties are on board and in excellent communication.

I say this with 18 years of recent mortgage experience under my belt. Mortgages are very unique - common sense and actual practice don't always go hand in hand! You can't assume things in the mortgage world!

Good luck, I'm sure you will be fine! Hopefully there will be room in your new place for lots of bikes.

[Nooch]

Have to say I agree with this. Why isn't your name going on the deed if you are putting money up? Sorry, but something smells fishy here to skeptical me. You've not given a legit reason why your name shouldn't go on it. Maybe there is one, but you haven't mentioned it.

You need to protect yourself, even in the midst of your happiness. And your new mate should understand that and accept that.

I'd venture 1) that it's not of our business but 2) that there's a complication with the fact that the OP is still legally married while their partner is not, and sadly the OP will likely be put on the deed when he is no longer married.

[Ken Robb]

I was a RE Broker in CA. for 36 years and the only advice I can give you is to get a local RE lawyer for advice. This isn't just about how to get the mortgage in place but how take title to be sure neither one of you find yourself in a legal quagmire in the future. I think if you were married to each other the law would probably be clearer than under your plan. You need to know if one of you becomes incapacitated what the other's rights/obligations would be. I saw one case where Partner "A" died and her heirs demanded "their share" of the equity in the shared home. The legal battle ate up most of the equity and the stress on the survivor was really bad.