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What happen when my husbandname on the loan alone?

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Icon Mini Profile terryttsyt





Joined: 03 Jul 2009

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Post Posted: Fri Jul 03, 2009 2:25 pm    Post subject: What happen when my husbandname on the loan alone?
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Hi,

I have question we refinance the house my Husband is the only one who borrow the Loan, and I have signed the Deed of tranfer interspouse form, The detail of the form said that This is not change the ouwner ship " because if I my name on the same loan the interest is higher than if my husband stand on the loan by himsef. My question is if something happen to him Do I lost the house?if my name is not on the loan.

Thanks,

Terry
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

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Location: Hawaii
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Post Posted: Fri Jul 03, 2009 11:16 pm    Post subject:
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Hi Terry,

Quote:
The detail of the form said that This is not change the ouwner ship


If the details of the inter-spousal deed mention that the ownership has not changed, then you should not lose the house, in case something happens to your husband. He can also prepare a will and leave the property in your name, to be on a safe side. But as there is a mortgage against the property, you will have to keep making the payments on time. If you stop payments, you can lose the house to foreclosure.
Icon Mini Profile robertsmith2005





Joined: 22 May 2009

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Post Posted: Sat Jul 04, 2009 3:53 am    Post subject:
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Yes, as a safety measure ask your husband for a willin your name.
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