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If she/you owned the home before they/you were married it is not a marital asset.
If you bought the home after you got married but only your name is on it it is a marital asset. No needed to have your name remover or his added.
Why not just add his name?
If you remove your name and give it to him he/you will be taxed.
capitol gains/ inheritance
If you give it to him and remove your name and your still married it is still a marital asset and it does not matter if your name is on it or not.
Have you been in contact with a legitmate / independant lender???
Quote:
Originally Posted by deeds
we want to make some repairs on it and his credit is much better than mine......that's our goal
If this is something that some whacky contracting firm suggested I would run from the idea and from the screwballs that suggested it...
Basically if you and your husband are in agreement about the home needing repairs you should talk to a lenders together. Odds are the process of married spouses jointly inhabiting a home are gonna result in the SAME rate on a home equitty line of credit or similar legitimate means of financing regardless of whose name is on the deed...
You can transfer a house to someone else at a "title company". (Yellow pages under Title.)
Is the house currently in both your names? (Helps to give a bit of detail.)
I would also check with a CPA to be sure there will not be any tax problems with doing this. That might be free advice or you may need to pay for the CPA's time. But say the CPA charges you $100 for his time. That would be a LOT cheaper than possibly winding up owing thousands of dollars in gift taxes. Best to be sure.
And when you talk to the CPA, also be sure to tell him the reason you want to do this. People can give you better advice if you explain everything.
The ideal is for both parties in a marriage to have good credit and be on the deed but the situation you have (owning home outright with no mortgage) is attractive to most lenders. In pretty much all cases like yours the fact that your credit may not be as stellar as hubby is not going to result in any penalty on a HELOC so long as everything else checks out. The keys in your case are that this would be a "lien in first position" (which automatically is better for the lender) and that husband does have good credit.
You should not plan on doing anything to "change title" if you goal is just to borrow some money to fix place up. Ultimately the lender wants to be sure that you AND your spouse will be responsible for paying back loan. There are simple ways to accomplish that won't trigger and nasty gift taxes...
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He is on the deed.....I just want to remove my name from deed....have no mtge on it
