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Old 08-08-2013, 10:56 AM
 
Location: Powell, Oh
1,847 posts, read 3,937,591 times
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Quote:
Originally Posted by cbc2013 View Post
I see this as a big advantage and was part of my thinking. If I lose my job or something, late on payments, only I would take the credit hit.

Not having her on the mortgage would offer us some credit protection. We would also be able to use her name for any future purchases(ie investment property).

Thanks for the responses
That's a good way of thinking. You can also use who ever hast he better credit for cars, credit cards, etc.

To protect the other person, maybe look into adding them to deed. That may not be necessary if you are married. If you were to die, then she would get your assets, I'm thinking.

I'm not a lawyer, I just play one online.
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Old 08-08-2013, 05:05 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,339 posts, read 17,561,906 times
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Quote:
Originally Posted by brianjb View Post
That's a good way of thinking. You can also use who ever hast he better credit for cars, credit cards, etc.

To protect the other person, maybe look into adding them to deed. That may not be necessary if you are married. If you were to die, then she would get your assets, I'm thinking.

I'm not a lawyer, I just play one online.
WRONG. Depends on the state. Depends on whether or not there is a valid will.

Get a lawyer. It's almost ALWAYS a terrible idea to add another person to the deed unless they are also on the mortgage.
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Old 08-09-2013, 08:54 AM
 
Location: Powell, Oh
1,847 posts, read 3,937,591 times
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Quote:
Originally Posted by Jkgourmet View Post
WRONG. Depends on the state. Depends on whether or not there is a valid will.

Get a lawyer. It's almost ALWAYS a terrible idea to add another person to the deed unless they are also on the mortgage.
Thanks for the 2 cents. Like I said, I wasn't sure.
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Old 08-09-2013, 08:55 AM
 
Location: Texas
42,289 posts, read 49,879,075 times
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I don't understand why you'd put someone on the title who wasn't on the mortgage.
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Old 08-09-2013, 11:12 AM
 
Location: Chapel Hill, NC
8,366 posts, read 12,084,062 times
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Quote:
Originally Posted by Jkgourmet View Post
It's almost ALWAYS a terrible idea to add another person to the deed unless they are also on the mortgage.
Terrible idea for whom? Not being snarky, just asking. My husband and I bought a house. His name is the only one on the loan because I am a SAHM with little income plus I own a condo in my name (not his) that would have added more debt to the picture. In other words, it made more sense for him to apply for the loan on his own than for both of us to do it.

On the other hand, the house is in both of our names. It is our house, not just his. The money we used to buy the home (downpayment) probably primarily came from my income when I was working anyway. And I gave up my job to help support our family in ways other than income. So it really belongs to both of us. But we may not have qualified for the loan had we put my name on it, so we didn't.
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Old 08-09-2013, 04:09 PM
 
Location: Phoenix, AZ > Raleigh, NC
14,339 posts, read 17,561,906 times
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Quote:
Originally Posted by michgc View Post
Terrible idea for whom? Not being snarky, just asking. My husband and I bought a house. His name is the only one on the loan because I am a SAHM with little income plus I own a condo in my name (not his) that would have added more debt to the picture. In other words, it made more sense for him to apply for the loan on his own than for both of us to do it.

On the other hand, the house is in both of our names. It is our house, not just his. The money we used to buy the home (downpayment) probably primarily came from my income when I was working anyway. And I gave up my job to help support our family in ways other than income. So it really belongs to both of us. But we may not have qualified for the loan had we put my name on it, so we didn't.
michgc, you would (IMO) fit one of the situations where the FAIR and RIGHT thing to do would be exactly what you have done. Your financial contribution was the down payment. That entitles you (IMO) to your name on the deed, to protect what you have invested into the home. (That said, if I had been your husband, I would have tried to get your name on the loan as well.)

And note that I said ALMOST always. There are certainly exceptions in certain situations, like yours.
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Old 08-09-2013, 04:52 PM
 
Location: Chapel Hill, NC
8,366 posts, read 12,084,062 times
Reputation: 8048
Quote:
Originally Posted by Jkgourmet View Post
michgc, you would (IMO) fit one of the situations where the FAIR and RIGHT thing to do would be exactly what you have done. Your financial contribution was the down payment. That entitles you (IMO) to your name on the deed, to protect what you have invested into the home. (That said, if I had been your husband, I would have tried to get your name on the loan as well.)

And note that I said ALMOST always. There are certainly exceptions in certain situations, like yours.
So you are saying it's almost always a bad idea for the person whose name is on the loan to also have someone else's name on the deed. But it's good for the person not on the loan but on the deed. I gotcha and understand.

For us, we were in a situation where we wanted to buy a home (here in NC) before we sold our old home (in VA), so we were really, really tight with the debt to income ratio. We were going to do our loan together as we did in the past, but our mortgage broker friend is the one who suggested we not put my name on the loan because I was basically adding more debt but very little income. Plus, time was of the essence so it was fewer papers that we needed to submit (condo fees, etc.). So it made more sense to do it that way.

Our money is truly co-mingled, though. Early in our marriage, we had equal incomes but I had much bigger savings that allowed us to buy our first home. Now, I have very little income, while he has a solid income. But I am the money manager and saver in our household, who manages all of our investments, such as college and retirement. I'd have a lot less without him, but he'd probably have a lot less without me, too, so we balance each other out.
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