@nmorton79 wrote:
Good evening to all....
DH and I live in N C, which is not a community property state. DH is applying for a mortgage on his own because my scores are lower than his, and I am staying home with our baby until he turns 1 in December, so I have no income coming in right now. My question is since my name wont be on the mortgage, can my name still be on the deed even if we dont live in a community property state?
Thanx in advance for the replies
It is my understanding that regardless of where you live, there is no one-to-one correlation between the name(s) on a deed and the name(s) on a mortgage. There has to be at least one person in common on both, but the names on the deed could be anyone. For example, my wife and I are both on the deed to our house. Our first mortgage has both our names on it, but our HELOC has only me on it. My wife did have to sign some papers at the bank to say that it was okay for the bank to take out a security interest in my name alone, but she's not on the HELOC note.
People (often unwisely) put the names of persons on the deed of the house. For example, grandparents and children are often added to the deed. This is generally felt to be a bad move, because in order to sell the house or refinance you would need to get everyone on the deed to agree. People think that adding people to the deed is the only way to avoid certain estate taxes, but revocable living trusts accomplish the same thing.
Starting Score: EQ 401, TU430
