My husband and I will be relocating. This time we would like to purchase a home. When we got married my credit was better than my husband's. Now we found out my husband's credit is better than mine. For which I am glad. The scenario is because his credit is better than mine, the mortgage company will not be able to put my name on the mortgage loan. Of course I am disappointed. I paid off alot of my debts I still have a car payment, and 2 credit cards to payoff. Should I worry about not being on the mortgage loan? My husband can put me out of the house at any time. I don't want a sceen like on "Diary of a Mad Blk Woman". (When the husband dragged his wife out of the house. Her name was on nothing.)What can be done or should I just relax and enjoy? or am I making a big deal for no reason? or am I jealous?
2007-10-10 07:23:18 · 4 answers · asked by good-n-plump 1 in Business & Finance ➔ Credit
One of the other answers is correct. You want and need to be put on the deed. This determines ownership. That means he can't sell the house without your permission/signature and protects your financial interests.
Not being on the mortgage has good and bad parts to it.
The good - you aren't responsible to pay for it. You never owe that money.
The bad - if he doesn't pay, you lose the house.
The loan won't show on your credit history (which could be good or bad depending on how it's repaid).
We have done it both ways and we did see a slight decrease in my wife's credit score. Both of our credit scores are excellent and there was no reason to include or not include her on the mortgage.
Good luck!
PS - If you are really worried about not having any $ maybe you should have your own savings account (actually it's never a bad idea for you both to have your own savings accounts).
2007-10-10 08:55:19 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
depending on where u are moving the laws are different.
suggest a different approach.
rent for a year? buying without living in an area for sometimes is a good way to move soon. prices are going down, u may get a bargin priced house. u'll have money and less debt.
when u do buy , both of u go on the mortgage. should he die u'll be in for some legal hassles. both of u go on deed .
he can be first signer u'll be second.
if ur really worried about 'mad blck woman' scene - maybe marriage counseling is in order. suggest visit daveramsey.com to learn hard lessons by others mistakes.
2007-10-11 07:09:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have the same situation but reversed. My credit is better than his. In NC, it doesn't matter that his name is not on the deed/loan. He still has marital interest in the house. Check with the laws in the area that you are moving to. Your Real Estate agent should be able to answer this for you.
2007-10-10 07:32:29 · answer #3 · answered by tlk0408 4 · 0⤊ 0⤋
Source tells my husband he should divorce me before purchasing our new house. His credit is high and because my credit is low and my debt is high nor do I have a job, they are claming he wouldn't qualify. Is that true in Houston, TX. We have been married for 27 years with two chilrenThen we can remarried me. How true is this information?
2015-10-13 04:57:59 · answer #4 · answered by Scorpio Travel Agency 1 · 0⤊ 0⤋
at the start your husband needs to believe what you reported (i'm particular he does) and he will could communicate over with them - not you. regrettably your mothers and dads have become the youngsters and you're being forced to grow to be the mothers and dads. i think of you may positioned it out to them that we (meaning them and yourselves) are in probability of loosing each thing. according to hazard your husband needs to share some information to cajole them...information alongside with earnings vs costs. on the comparable time you may sound expertise of ways he feels approximately his lost of job yet he has to greenback up and a minimum of attempt to get some thing; any component. the different determination you have is that in the event that they don't prefer to get a job you may could evaluate getting a job and having them babysit the babies. counting on the dating between them and your babies that could or could not be a sturdy thought. base line you may not enable them to pull each thing down. on the different area counting on the place you reside there could not be plenty contained in the way of jobs so this difficulty will possibly not have the skill to be solved until eventually the monetary device turns. you additionally can attempt to do a touch diagnosis and notice if he ought to even get any style of job. you will possibly not prefer to combat this factor if there is not any probability of a job. for my area whether job probability are narrow he could be looking. You by no skill understand what's going to fall into your lap.
2016-10-06 10:51:54 · answer #5 · answered by ? 4 · 0⤊ 0⤋
The name on the loan/mortgage controls who must pay it.
The name on the deed controls who owns the house.
To prevent what you fear, you only need to be on the title deed, not the mortgage.
2007-10-10 07:38:08 · answer #6 · answered by StephenWeinstein 7 · 0⤊ 1⤋
Depends on the Law of Your State, but it is still marital property, he did not own it before you got married.
2007-10-10 12:33:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋