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What happen when my husbandname on the loan alone?

Posted on: 03rd Jul, 2009 02:25 pm
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
Hi Terry,

"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.
Posted on: 03rd Jul, 2009 11:16 pm
Yes, as a safety measure ask your husband for a willin your name.
Posted on: 04th Jul, 2009 03:53 am
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