My husband and I are getting a house and the lender decided because my credit score is so much higher then his that my name should be the only one on the house to keep the payment amount down.
My question is what are the con's for me being the only name on the house?
(We are married)
2007-02-24 01:04:53 · 8 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
I just did this! And I don't know the answer yet but I think about it allot. You are worried that you will be the one responsible if your marriage ends huh? Me too. But I did it anyway. I'm just hoping for the best, thats really all you can do in this situation. good luck!
2007-02-24 01:10:44 · answer #1 · answered by *queenfairy1*Antioch California 7 · 1⤊ 0⤋
I am not a lawyer, but you may want to consult one or some sort of professional on this matter.
I would be concerned if I was the husband, and not you. I am assuming that even though the house is in your name, you'll both be paying towards its purchase and upkeep. If you would happen to divorce, the house and its equity would techincally be your property and not his (although I'm not sure if the law would look upon it that way.). Also, if you pass away, then the house goes to probate court, where they would decide who the rightful heir is, unless already specified.
I can understand wanting a better rate, but you may want some sort of documentation that says:
1. Even though the house is in my name, we recoginze that its equity and liabilities are shared 50/50.
and
2. In the event of my passing, all of my properties would pass to my husband.
As I said, though, I am not a lawyer. You may want to consult with one.
2007-02-24 09:19:42 · answer #2 · answered by Pythagoras 7 · 0⤊ 0⤋
your name was selected as having the best credit score so your name will be the only one on your house then you will be sole owner of your house until it is paid off
2007-02-24 09:13:51 · answer #3 · answered by haroldgardner62002006 2 · 0⤊ 0⤋
it is good for you on one hand but not for him . what if you die suddenly without a will ? you had better get a will drawn up that says he gets the house if anything should happen to you . Also your family could put him out of the house if you dont have that will . so get it done . good luck .
2007-02-24 09:38:27 · answer #4 · answered by Kate T. 7 · 0⤊ 0⤋
after you buy the house you can quick claim in both names. if it is in your name. then its yours only . so to say you kill someone. and thy sue you. thy can take the house if its in both names thy can't take his 1/2 only yours . if you keep it in your name he don't own it at all. so you and him quick claim it in both names. the best to do is the lawyer that will close on the house can tell you how to do that
2007-02-24 09:17:22 · answer #5 · answered by freeman3905@sbcglobal.net 6 · 0⤊ 0⤋
well i can not speck for othe men, but my self i want my wife to have most of the thing in her name,, here why,, it true most women out live the man,, an by haveing it in you name an other thing it save time for her, for when i die i dont want her to be running threw her self trying to get thing over in her name,
2007-02-24 09:10:20 · answer #6 · answered by ghostwalker077 6 · 0⤊ 0⤋
well if you are married the house would still belong
to both of you.
2007-02-24 09:15:33 · answer #7 · answered by jojo 3 · 0⤊ 0⤋
well if he should ever leave you or dies suddenly you are the one they will come after.
2007-02-24 09:10:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋