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 tomkush75
Joined: 06 May 2009
Posts: 2
1.60 Dollars($)
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 Posted: Wed May 06, 2009 8:27 pm Post subject: First mortage |
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Hi Joshua,
I have a question:
Only my wife is going to apply for our first mortgage since I do not have good credit score. I live in Florida and I do not know how the law works here.
I do not know what can happen in the future, but in case of divorce I will get 50/50 on the property?
How can I do to be include in the property without apply on the mortgage..... |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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| Posted: Thu May 07, 2009 1:41 am Post subject: |
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Hi tomkush
If your name is included in the property deed, then you can get 50% share of the property. Yes, you can include your name in the property without including your name in the mortgage. You can ask your wife to sign a quitclaim deed and include your name in the property deed.
Thanks.
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Good is the Enemy of Great. |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 621
Location: Houston, TX
101.28 Dollars($)
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| Posted: Thu May 07, 2009 7:14 am Post subject: |
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The issue is whether the property is considered "community property". There are complicated rules that go along with this. First, are you in a CP state? Each state is different. Generally, if you wife buys the property in her name alone during marriage, it may be considered not CP. If it is CP, then you get 1/2 the appreciation of the property. The down payment must consider the source of the funds. See, it's complicated. Check with a local family law attorney for advice.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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