Dustin Kight

Subprime Mortgage Crisis Meets LGBTQ Families?

Filed By Dustin Kight | January 29, 2008 7:33 AM | comments

Filed in: Living, Living, Politics
Tags: housing crisis, interest rates, LGBTQ couples, shared mortgages, subprime mortgage

I've been doing some poking around online about the subprime mortgage crisis, specificially looking to see if there are reports of it affecting LGBTQ couples/families in any particular ways.

I'm no housing expert, so I'm not sure how the defaults and foreclosures might have unique impacts on our community. (In fact, I'm still one of the poor saps who pays rent.)

I do know that LGBTQ couples can be discriminated against when it comes to sharing existing mortgages and renting/buying homes together. This post on Queercents reminds us of that. And you can read more about predatory lending and LGBTQ people here.

But I'm wondering if any LGBTQ couples out there can speak to the subprime crisis and how it might uniquely affect their families. Are people finding it more difficult to seek out mortgage relief because they're part of an LGBTQ couple? Or, on the other hand, are mortgages in trust better protected than mortgages shared by legal spouses?

If you have something to say about this, please leave a comment. Educate me and the community at large. Thanks!


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well, I'm not sure if this is relevant but...

In my own experience, my partner and I were advised that he should put me on the mortgage as someone who was "caretaker" of the house rather than co-owner. The lawyer advised that my partners family would be less successful in contesting this "wording."

Subsequently, my partner after our relationship ended, sold our house and because i was "caretaker" and not "co-owner" I was, essentially, left homeless.

Several years ago, I purchased a house with 2 other
T people - T people don't have very good prospects for partnering or for marriage, and apartment life didn't appeal to us. We ended up with a subprime, although we adamantly refused to accept an ARM - and
it's a very good thing we didn't accept anything less than a fixed rate. Our mortgage company went BK and the mortgage has been sold. Rate isn't all that bad, actually.

We're listed as co-owners and co-mortgage holders. The 3 of us have a signed and witnessed contract, drafted by an attorney, stating terms for percentages of ownership upon death of an owner or disposition/sale of the property, and requiring each of us to carry life insurance that would allow payoff of our individual shares of the mortgage in case of death.

I don't see why an arrangement of this sort wouldn't work for a gay or lesbian couple as well.
A properly drafted and witnessed will and crossing term insurance policies should protect the interests of the surviving partner upon death
of a co-owner, even in a state with a bad DOMA.

I'm not an attorney, even though I play one sometimes as a TV.

PB

PB

We have a sub-prime mortgage actually. Our payments will go up this summer. We're both owners and on the mortgage without any problems whatsoever. We're planning on refinancing before the payments go up and switch to a fixed rate.