• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Home Ownership / Mortgage Question

Status
Not open for further replies.
Z

Zee

Diamond Member
Hi i read another post where the house was under her name but the mortgage was under his and i have a question.

Can the mortgage just be under His qualified name only but the home be under both names? or does joint ownership require joint mortgage even if one qualifies?
 
Last edited:
you will have to ask the bank

i bet it will depend on the bank and the person getting the loan. most times the bank will require that the mortgage holder have enough income under his name to qualify
 
it might depend on where you are/what state, but i think it is your choice. as i recall, we were asked how we wanted it during our closing
 
Last edited:
my coworker's wife has all the asset under her name and all the liability under his.. ie the bills.. so if they split, she "claims" all the asset and he gets stuck with the bills. No idea how realistic once you get the lawyers in there but thats how they set it up..
 
rsutoratosu said:
my coworker's wife has all the asset under her name and all the liability under his.. ie the bills.. so if they split, she "claims" all the asset and he gets stuck with the bills. No idea how realistic once you get the lawyers in there but thats how they set it up..
Click to expand...

If they live in a community property state, it doesn't matter whose name is on what - they share all assets and liabilities equally.

She sounds like a real jerk.
 
Seems odd. To me it just makes sense to have the house and mortgage under the same name. Personally I'd always want to keep the house under mine, but I'm guessing if you get married you are forced to change that, or it probably does not matter. If you get divorced she still gets half so I'd end up having to sell anyway. Hopefully I never find myself in that situation though. I put too much work into this house for a woman to come in my life and take it from me.
 
Red Squirrel said:
Seems odd. To me it just makes sense to have the house and mortgage under the same name.
Click to expand...

My wife has no credit history, I have excellent credit history. We just put my name on the loan to get a great rate and both our names on the title.
 
Zee said:
Hi i read another post where the house was under her name but the mortgage was under his and i have a question.

Can the mortgage just be under His qualified name only but the home be under both names? or does joint ownership require joint mortgage even if one qualifies?
Click to expand...

IANAL

Uhh. I don't believe that would work in my state (NC). In my state, lawyers have confirmed to me on multiple occasions that a creditor cannot go after the home unless both on the deed are indebted to them. E.g., I'm sued, but not my wife. They can't touch the house because she is on the deed and doesn't (legally) owe them a thing. To take the home would adversely affect her even though she isn't a debtor.

So, the bank making the loan under conditions you describe wouldn't seem to be able to perfect the property lien.

OTOH, I'm now looking at a NY mortgage where both spouse signed the mortgage, but only one's name is on the deed. That seems perfectly fine and avoids the problem I described above.

Fern
 
My wife purchased a house. So mortgage is in her name. Then I got added to the title AFTER the mortgage dealings was done. You only have to file a notarized document (found on the city/county website) to add your name to title. The mortgage still appears in her name as always.
 
Status
Not open for further replies.

TRENDING THREADS

Back
Top