As the title says, my boyfriend's parents have recently put 100k down on a home for their son and myself (we close on May 31!). We've been seriously dating for about a year and a half, but I definitely feel like I should be looking out for myself in this situation.
The house was 208k, they put 100k down, and it's up to my boyfriend and I to split the rest of the mortgage while we're there. His father is an attorney and has stated that my name is not on the mortgage documents anywhere. My fear is that unforeseen circumstances will arise and things may not work out as perfectly as we hope.
So, I suppose my question is:
How can I protect myself? If, in 5 years down the road, we decide not to continue our relationship, will I lose all the money that I've put into the mortgage and into the home?
Or, because they're putting so much down, does this automatically mean I won't have any ownership at all?
Sorry if these seem like silly questions. I'm not sure how this process works or what the proper terms are. I appreciate any advice or help you can provide!
Edit: My name is NOT on the mortgage or the title.
Submitted May 25, 2017 at 10:57AM by jusby http://ift.tt/2rUpVwl
