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KartveliT
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Member since 1/08 8363 total posts
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does anyone know : can your name be on a house but not on the mortgage?
Just curious.
If a couple is looking for a house, one has good credit and the other not so good, but they want the house to be in both of their name , is it possible to get the mortgage in one name but have the house on both names???
Hoe does that work?
My best friends are in that situation, her credit is not very good at all and her DH has very good credit history and it kind of got me thinking. Since we are also starting to look for a house .
Thanks
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Posted 7/23/08 10:47 AM  |
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Long Island Weddings
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: does anyone know : can your name be on a house but not on the mortgage?
Yes, your name can be on the deed of the house and not on the mortgage. You can take care of it at closing...
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| Posted 7/23/08 10:50 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by ~Colleen~
Yes, your name can be on the deed of the house and not on the mortgage. You can take care of it at closing...
Never knew that
Message edited 7/23/2008 12:22:08 PM.
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| Posted 7/23/08 10:52 AM |
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toni-mike
???????
Member since 10/07 1196 total posts
Name:
Toni
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Re: does anyone know : can your name be on a house but not on the mortgage?
When I bought my house my credit wasnt too good, so it would have affected the rate on the mtge, but i wanted my name somehow on it, I was able to be on the deed , not the mtge. Which IMO is best , godforbid your spouse or whom u own with wants to sell or do anything , being your on the deed you need to sign off on what may be.. hth
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| Posted 7/23/08 11:40 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: does anyone know : can your name be on a house but not on the mortgage?
There are 2 parts to the Mortgage. The Note and the 2nd part to the mortgagemortgage. The 2nd mortgage you have to put your name on it in order to be on the deed. Your name will not appear on the note which means you are not responsible for the house but it will be part yours.
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| Posted 7/23/08 11:47 AM |
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KartveliT
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Member since 1/08 8363 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Thank you everyone
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| Posted 7/23/08 12:43 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by ~Colleen~
Yes, your name can be on the deed of the house and not on the mortgage. You can take care of it at closing...
yup as well as vice versa
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| Posted 7/23/08 12:49 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: does anyone know : can your name be on a house but not on the mortgage?
that doesn't seem fair to me to the person who is on the mortgage. the other person reeps the rewards of home ownership without legally being responsible to pay for it.
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| Posted 7/23/08 2:27 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
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remember, when Gulliver traveled....
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by RandJ0806
that doesn't seem fair to me to the person who is on the mortgage. the other person reeps the rewards of home ownership without legally being responsible to pay for it.
when you are married, it doesn't much matter anyway.
debt is debt and though your name may not be on it, it's yours.
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| Posted 7/23/08 2:31 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by Ophelia
Posted by RandJ0806
that doesn't seem fair to me to the person who is on the mortgage. the other person reeps the rewards of home ownership without legally being responsible to pay for it.
when you are married, it doesn't much matter anyway.
debt is debt and though your name may not be on it, it's yours.
How is this true? If the Mortgage and Deed are in my name, is it not my home? I understand with being Married, but am I missing something
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| Posted 7/23/08 2:40 PM |
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vegalady
Love my family
Member since 6/06 4546 total posts
Name:
SNV
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by ~Colleen~
Yes, your name can be on the deed of the house and not on the mortgage. You can take care of it at closing...
Thats righ.
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| Posted 7/23/08 2:42 PM |
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KartveliT
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Member since 1/08 8363 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by Ophelia
Posted by RandJ0806
that doesn't seem fair to me to the person who is on the mortgage. the other person reeps the rewards of home ownership without legally being responsible to pay for it.
when you are married, it doesn't much matter anyway.
debt is debt and though your name may not be on it, it's yours.
Exactly.
As far as I know in my friend's case she would be more than happy to have her name on both, the mtg and the house, but with her credit the interest rate(and I think down payment also) would be too high which they can't afford, so since her DH has perfect credit , they have to get the mtg on his name.
She was married once before, her husband cheated on her and left her for another woman. The house they owned they bought it with HER parents help, but everything was on his name bc of her bad credit. But when it came to selling it and getting her share , she had sooo many problems and it took forever to take care of legal papers.
Message edited 7/23/2008 3:39:28 PM.
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| Posted 7/23/08 3:05 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: does anyone know : can your name be on a house but not on the mortgage?
.
Exactly.
As far as I know in my friend's case she would be more than happy to have her name on both, the mtg and the house, but with her credit the interest rate would be too high, so since her DH has perfect credit , they have to get the mtg on his name.
pretty much my situation as well- but the opposite
I will put my DH on the deed- b/c while his credit isn't as great as mine
he will be paying the whole mortgage
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| Posted 7/23/08 3:14 PM |
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CunningOne
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Member since 5/05 26975 total posts
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Re: does anyone know : can your name be on a house but not on the mortgage?
Yes, it can. DH and I bought our house before we were married. So he actually secured the mortgage in his name. I am on the deed now that we are married, but I am still not listed on the mortgage.
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| Posted 7/23/08 3:18 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by Mrs-D-Girl
Posted by Ophelia
Posted by RandJ0806
that doesn't seem fair to me to the person who is on the mortgage. the other person reeps the rewards of home ownership without legally being responsible to pay for it.
when you are married, it doesn't much matter anyway.
debt is debt and though your name may not be on it, it's yours.
How is this true? If the Mortgage and Deed are in my name, is it not my home? I understand with being Married, but am I missing something
I think I am missing something b/c I don't understand what you are saying....
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| Posted 7/23/08 3:18 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: does anyone know : can your name be on a house but not on the mortgage?
How is this true? If the Mortgage and Deed are in my name, is it not my home? I understand with being Married, but am I missing something
I think I am missing something b/c I don't understand what you are saying....
Sorry, just saying that even though a house is in one name, the deed, etc..and god for bid a couple splits up, it's still belongs to both of you?
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| Posted 7/23/08 3:24 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: does anyone know : can your name be on a house but not on the mortgage?
Posted by Mrs-D-Girl
How is this true? If the Mortgage and Deed are in my name, is it not my home? I understand with being Married, but am I missing something
I think I am missing something b/c I don't understand what you are saying....
Sorry, just saying that even though a house is in one name, the deed, etc..and god for bid a couple splits up, it's still belongs to both of you?
yes, at least I BELIEVE that any debt you OR your spouse accumulates during the marriage is JOINT debt, even if it's not in your name....so you are both jointly responsbile.
this is what I *think* is correct...though I am not an expert.
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| Posted 7/23/08 3:29 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: does anyone know : can your name be on a house but not on the mortgage?
yes, at least I BELIEVE that any debt you OR your spouse accumulates during the marriage is JOINT debt, even if it's not in your name....so you are both jointly responsbile.
this is what I *think* is correct...though I am not an expert.
That is correct. Even if you don't have any debt and your husband does you are also responsible for it(and they can make you pay it by low , even though it's not "your debt").
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| Posted 7/23/08 3:37 PM |
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