My name not on mortgage or deed for house - what happens if husband dies?

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Icon Mini Profile wallis104





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Post Posted: Fri Jul 10, 2009 11:50 pm    Post subject: My name not on mortgage or deed for house - what happens if
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We are married, selling our home in Maryland and moving to Delaware.

My husband is 70 and I am 62. He is applying for the mortgage on the new home as I am a co-signer on student loans for both of our children and he felt that might be a deterrent in the mortgage approval.

If my name is not on the mortgage or deed to the new home, what will happen if my husband dies.

I am quite concerned that this is not the right thing to do, however, he has already submitted the paperwork and the mortage application process has begun.

Thanking you in advance -

Janice
Icon Mini Profile gmakerley
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Post Posted: Sat Jul 11, 2009 5:05 am    Post subject:
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janice, despite his having already submitted his application, that ought not to prevent you from being a co-owner of the home. now i say that without knowledge of the specific laws that may apply in the state of delaware - that's something you and he will want to check out.

as a general rule, however, a married couple can certainly own a home jointly, with only one of the spouses borrowing; so that shouldn't be a hindrance to you.

one other question that i'll raise - is there a will? if so, that will also supply you with the protection you desire. no matter what, however, i suggest you engage the services of legal counsel so that you can get specific answers to these questions as they apply in the state.

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Post Posted: Mon Aug 02, 2010 11:12 am    Post subject:
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my name is not in the mortgage,only in my husband .i want to know if im intitle if anything would happen to him.
Icon Mini Profile Niicss
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Post Posted: Tue Aug 03, 2010 2:29 am    Post subject:
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If your name is only mentioned on the property title and not on the mortgage, in that case, you won't be liable for paying the mortgage dues. If the property is foreclosed by the lender, then it won't have a negative affect on your credit report. The lender won't be able to come after you for the deficient balance.
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Icon Mini Profile gmakerley
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Post Posted: Sat Aug 07, 2010 7:42 am    Post subject:
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Arrow, you didn't address how the title to your property appears. Are you an owner? Is it that you and your husband are joint owners but he is the only borrower? That's the critical question to answer in order to determine what your rights are concerning the property.

Of course, your rights are also going to be laid out based on where you live, as many states have laws in place to provide for and protect you in the event of something "happening" to your spouse.

You can always check with a local attorney to try to ascertain where you stand in relation to the ownership or heirship of the home.

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