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 nikkijabbar
Joined: 11 Mar 2010
Posts: 1
1.37 Dollars($)
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 Posted: Thu Mar 11, 2010 6:21 pm Post subject: Non-Purchasing Spouse Rights |
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| My husband and I are in the process of buying a home, but I am the non-purchasing spouse on the loan. I know that my name will be on the deed, but if something were to happen as far as death, divorce, etc. would I be able to keep my home? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6410
Location: Nevada
398.61 Dollars($)
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| Posted: Thu Mar 11, 2010 9:30 pm Post subject: |
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Hi nikkijabbar,
If your name is on the property deed and on the mortgage, then you would be able to keep the property in case of death or divorce of your husband. However, if you become the sole owner of the property, then you will have to refinance the loan in your name.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10567
Location: bloomfield, ct
10.10 Dollars($)
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| Posted: Thu Mar 11, 2010 10:08 pm Post subject: |
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but james, she is not going to be an owner of the home.
nikki, i hope your husband has enough sense to ensure that you are going to be named as beneficiary in his will. there's no doubt that a will needs to be created to protect each of you and any other family members that would have an interest in his estate. you didn't mention children, but of course they'd have interests as well.
that'll protect you if it's done correctly. you two should make an appointment with a lawyer to see about establishing wills for each of you.
_________________
George M. Akerley
Credit & Lending Consultant
860-221-5044 |
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nikki
Guest
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| Posted: Fri Mar 12, 2010 12:57 am Post subject: |
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| Thanks you guys. I was all excited when we got approved, but then I realized that there might be some draw backs to me not having any financial responsibilty |
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Guest
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| Posted: Fri Mar 12, 2010 1:00 am Post subject: |
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| If I wrote up a contract for my husband to sign stating that I get the house in the event of a divorce and get it notarized would that hold up in court? |
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Niicss
Joined: 03 Oct 2005
Posts: 3917
Location: New Jersey
371.39 Dollars($)
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| Posted: Sat Mar 13, 2010 2:23 am Post subject: |
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If the agreement is notarized, then as far as I know, it will be accepted in the court. However, I would suggest you to contact an attorney and take his opinion in this regard.
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Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10567
Location: bloomfield, ct
10.10 Dollars($)
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| Posted: Tue Mar 16, 2010 10:20 am Post subject: |
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i'm in agreement that the contract you propose ought to be sufficient, but i like niicss' advice of getting the opinion of a lawyer. why take a chance?
_________________
George M. Akerley
Credit & Lending Consultant
860-221-5044 |
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