Unrelated question. Pre-divorce question name on house
Unrelated question but you guys have been very helpful hoping you could help me with this.
I moved into DH house when we got married. We never thought to put my name on the Deed to the house or Mortgage. Well I’m thinking ahead now and if it comes down to I just can’t take the brat anymore and want out there I could get Royally screwed. Not only have I been splitting ALL household bills including The mortgage, taxes, repairs but have put Thousands into furniture and household items I would want. As it sits right now DH could kick me to the curve and give me NOTHING as NOTHING is in my name.
I finally told DH it’s time The deed and mortgage are also in my name in case something happens to him BM could claim the house because she’s got his Dependent kids. True or not DH is going along with it.
DH called the bank and if DH puts my name on the Mortgage he will have to refinance the mortgage which he said will cost a lot of money. (???) What DH “wants” to do is just but my name on the deed and keep the Mortgage in his name.
Here is my question. Since we are all steps here others must have encountered this problem also.
First is he correct in costing a lot of money to refinance?
Second and MOST important does it matter if my name is NOT on the Mortgage as long as my name is on the deed????
Consult a financial planner or attorney in your area
But I believe having your name on the deed is what's important. Having your name on the mortgage means you are responsible for it. But without, I think he would be on the hook.
Again, not a professional so I would do a consult to be sure you are protected.
Actually, you come out better
Actually, you come out better with your name being on the deed and NOT the mortgage. Half the house is yours but your name is not on the loan and legally you are not responsible for the mortgage.
Yes, he would have to re-finance to put your name on the mortgage and yes, it costs money, a couple of thousand or more.
If he wants to put you on the deed but not the loan, let him!
As the others said, the deed
As the others said, the deed is what matters, don't worry about the mortgage. Our deed is in both of our names, but DH is the name on the mortgage because he bought it before we got married.
Even if your name is not on the deed, you would still get something in a divorce - it's his death that would be a problem, if he doesn't have a will, and depending on your state laws.
How long ago did he buy the
How long ago did he buy the house and do you both have good credit?
Depending on what term/interest rate he is currently paying, it very well may be a good idea to refinance right now. I know a couple people that just refinanced and got way better rates due to market conditions.
I would say best of both worlds here
Your name on the deed means you have part ownership. With your name not on the mortgage you are not financially responsible. It is the best of both worlds.
When putting your name on the deed pay close attention to how you own the property. Check your state laws, there are a few different ways to own property, joint tenants or tenants in common etc. What you choose matters in the event of either of your deaths and how the property would pass to the survivors or heirs after death. Pay a lot of attention to the deed, and the legal terms to it.
As far as a refinance look into your options if you are looking for a cheaper payment. Refi's also come with possible other things such as an appraisal and credit checks. It depends on what your real wish is, just to have your name on the property or are you also looking to get a better payment?
Check with the laws of your state on types of deeds. I also I do not know what you are doing here but if you are looking to get your name on the house just to divorce and get a part of that depending on where you live that might not go as you plan. If it is for a just in case thing that might be different. Good luck!!
I’m doing this “just in case”
my plan is not to screw anyone over but to make sure I’m not Booted out homeless with nothing. All I want is what I put into the house and the Furniture I paid for nothing else.
He really can't boot you out
He really can't boot you out with nothing even if you aren't on the deed - but if he dies, the house might go to his kids depending on state laws and his will.
gotta ya!! I didn't mean to imply
otherwise I was just saying ....
Next make sure you get the proper deed for your state. Do you want it to automatically pass to you or him in the event of the others death? or do you want to own it jointly and leave your half to your heirs or DH to his? Make sure you get the right wording in your deed. It matters by state so double check and make sure you get it the way you want it.
Might I suggest a post-nup
To cover furniture and all that? Plus wills to cover things, in addition to name on deed.
Like everyone else said- it's
Like everyone else said- it's the deed that is important. It will still probably be a few hundred dollars.
I just went through the exact same thing a few years ago
Mortgage was still in DH and BM's name, deed was just in DH name. He added my name to the deed, BM was still on the mortgage. It would have had to have been refinanced to take off her name on the mortgage and it was a good rate. That mortgage has since been paid off but you can have your name on the deed regardless of who's name is on the mortgage.
You are better off being on
You are better off being on the deed but not the mortgage. It gives you an interest in the house (subject to the mortgage, of course), but no personal liability for the mortgage loan.
A re-fi does not have to be
A re-fi does not have to be expensive. Shop around for something that will work for you.
You are wise to protect yourself financially and to protect your home from potential issues that may come from Skid's or their other parent.