My husband and I bought a house 1 yr. ago, but the loan is in his name only. My name is on the deed, but somehow I feel like it is more his than ours.
2006-06-21 15:54:48 · 15 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Each state has different laws. If the loan is in his name only but your name is on the deed, then you have no real worries. The house is just as much yours as it is his.
2006-06-21 15:58:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, when you are married, everything after the marry date become a 50/50 property, and if your name is on the deed, that is a better reason for you to know that you are also owner of that house.
2006-06-21 23:37:03 · answer #2 · answered by flowermieses@verizon.net 3 · 0⤊ 0⤋
Some states have community property laws and some don't. Call a Real Estate agent they can tell which your states is. Who is paying the payment? Could that be why you feel that way?
No matter where you are your marriage should be 50/50 just because you love each other and share each others lives. If you are planning a divorce you should check with that Realtor first they can tell you the laws.
2006-06-21 23:06:10 · answer #3 · answered by JENNLUPE 4 · 0⤊ 0⤋
You are ok if in California (community property state). Your name being on the deed will not allow him to sell without your knowledge. In the absence of any agreement, all assets acquired during the marriage period is 50/50. If the down payment was from assets acquired prior to marriage, that part will go to the appropriate spouse.
2006-06-21 23:25:37 · answer #4 · answered by fijian 2 · 0⤊ 0⤋
Well what are the governing laws of your state? and how is your deed held in that state...most of the time...if there are two or more people in a waranty deed (your deed of ownership), ownership is held in equal percentages, unless otherwise stated in the deed. Your loan or (deed of trust) is a sole and seperate document to your waranty deed, at least in most states.
2006-06-21 23:01:20 · answer #5 · answered by asmul8ed 5 · 0⤊ 0⤋
Depends on how you hold title. With your name on the deed you should not be concerned. If you should have financial troubles it may actually work to your advantage as a couple to just have his name on the loan. Because it would impact his credit and not yours and allow you to recuperate more quickly financially. If you are trying to build up credit there are plenty of other creditors who will be glad to help you.
2006-06-21 23:40:33 · answer #6 · answered by Laurie G 1 · 0⤊ 0⤋
Depends on the state. Community property states treat marital income differently than other states (which are sometimes called common law states). As a result, the tax law has special rules for community income. The IRS Restructuring and Revision Act of 1998 revised the treatment of spousal liability, and includes rules for community property states.
http://www.lendermark.com
2006-06-21 23:04:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
only if both the names are on the deed, if not then whatever value will appreciate after the marriage the judge will consider a proportion of that one to the other spouse in case of a separation.
2006-06-21 23:02:42 · answer #8 · answered by ? 1 · 0⤊ 0⤋
The title is what matters, not the loan. And in states like California, sometimes the title doesn't even matter, it's still community property.
Regards
2006-06-22 01:54:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you need to find out exactly how title is held. If he purchased it as his sole and separate property, you have no interest in the equity. Community property states mitigate the severity of that, but if you want to protect your interest, title should be held JTWROS...Joint Tenancy with Right of Survivorship.
Again, each state has its own rules about ownership.
2006-06-21 23:07:47 · answer #10 · answered by Paula M 5 · 0⤊ 0⤋