Her name is not on the house. I know this because recently the county audited everyones property taxes and it came out in the paper and her name is not on the property tax.
I am sure she has bad credit. Do you think its in his name only because they would not have been able to secure a home loan with her name because of her bad credit? Do most married couples have both names on all lines of credit and properties?
He also has a checking account without her name on it. Actually he has about everything without her name on any of it. What do you think he is up to?
2007-08-29 02:12:24 · 9 answers · asked by happydawg 6 in Business & Finance ➔ Credit
she probably has Bad Credit....so the Bank didn't allow her to be on the Loan
2007-08-29 02:18:05 · answer #1 · answered by babo1dm 6 · 0⤊ 0⤋
Maybe he is up to nothing at all. If she has really bad credit, then, yes, buying the house in his name only was a smart thing to do. It made it easier for him to secure a loan, and he got that loan at a better interest rate. Also, if she should die, her creditors can not place a lien against that house for payment. Does she has children from another marriage? Believe it or not, some women dodge child support just like some men. If she owns nothing, nothing can be attached for back child support. Does he have children from another marriage? If so, and he is the sole wage earner, maybe he rightly wants to be sure his children have an inheritance. People do a lot of different things for a lot of different reasons. A couple's finances are very private, and the way they handle those finances are private, too. If your friend isn't content with the situation, I am sure she will eventually speak up.
2007-08-29 02:28:39 · answer #2 · answered by claudiacake 7 · 0⤊ 0⤋
Here is a common misconception. If your name is on the mortgage you need to show income, credit, etc to qualify for the loan. A mortgage is a bill, that's all. Granted the legal explanation of a mortgage is a bit more complicated than that but for the sake of this answer, it's a bill. Nothing more.
The title on the other hand is the document(s) that list the owners of the property, If you are on the mortgage you must be on the title. If you are on the title you don't need to be on the mortgage, therefore your credit isn't a concern.
Many states are community property states. If he has his home in one of those it really doesn't matter if he has his wife on the title or not. She still owns half, (of EVERYTHING)
Hope this helped.
2007-08-29 02:27:24 · answer #3 · answered by loancareer 3 · 0⤊ 0⤋
in addition to all of the above answers there is one more reason to buy a property in only one of the spouses name(s), that is to extend their credit over a wider base.
If only one of the spouses' names is used for a purchase then the other one can be used at some future date.
This has been a common tactic of many real estate investors for years and has allowed them to buy many more properties than if both married parties are listed on each house.
2007-08-29 03:25:10 · answer #4 · answered by Kathi B 1 · 1⤊ 0⤋
MANY REASONS
- often, and most likely is has to do with one of them having very bad credit.
- Sometimes is stricly a tax situtation.
- Sometimes its done to protect one or both people from getting sued and losing the house.
- And even it can be simply a sneaky tactic done in the event that the person sees a possible divorce down the road.
2007-08-29 02:22:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Why should we assume he is up to anything? Perhaps she is dodging creditors and has bad credit as you suggest. If marriage changed her last name the creditors can only find her through her social security number and she would have to proviide that to buy a house or open a bank account. It could be a mutual decision to avoid hassle. Might I tactfully ask what business it is of yours or mine?
2007-08-29 02:21:33 · answer #6 · answered by Robert P 5 · 0⤊ 0⤋
I did that.
The title and mortgage of our home is in my name.
Why?
Because my wife runs a small business, and could be sued for liability. If she is, the house is protected, because she can't be forced to sell it, and she can't put a lein on it.
-->Adam
2007-08-29 03:10:39 · answer #7 · answered by great_and_mighty_adam_levine 4 · 1⤊ 0⤋
He probably doesn't want to get screwed if he files for divorce.
2007-08-29 02:19:51 · answer #8 · answered by Anon 3 · 0⤊ 0⤋
There could be many reasons for this but I think it's their business not yours.
2007-08-29 02:19:29 · answer #9 · answered by ? 7 · 3⤊ 0⤋