Covering my rear...Or over analyzing?

[hisliltulip]

A.  Husband and I have been married less than one year.  I have been divorced once, he has been twice.

B.  In process of buying home (in MN).  He makes about 40,000 a year I make about 30,000 a year.

C.  His credit score is six points better than mine.

D.  The down payment (if we need one) is coming from my trust fund.  He will not be contributing.

Mortgage company is saying that they want to keep me off of the mortgage, then have both of us on title.  Basically because he makes more and his credit score is slightly better.

This makes me nervous should we ever split up.  Not that at this time I really worry about that, we're a good match, but... you never really know.

1.  With me being only on title, does this automatically give him the house should we split up in the future?


Thanks,
BETH


3 Boys!

OSS - NCP
YSS - CP
DS -CP

[hisliltulip]

bump



3 Boys!

OSS - NCP
YSS - CP
DS -CP

[LizaLou1]

Not Soc,

But, based on what you wrote this is a great deal for you.  With your name on the title that gives you ownership (if only in part).  With your name NOT being on the mortgage, you are NOT responsible for paying for the house/mortgage.

But, somehow I don't think it's that easy.  Usually, a mortgage company wants to attach as many parties as they can so they legally have somebody to after if the 1st party does not pay.  It makes you wonder what is really going on.

Wait on Soc before you do anything and/or see your own attorney.

LizaLou

[socrateaser]

>1.  With me being only on title, does this automatically give
>him the house should we split up in the future?

Granting you joint title and obligating your husband solely for the mortgage, gives you ownership without liability. Frankly, I don't believe that any reputable lender would make this loan, because they are compromising their ability to foreclose, because you have an ownership interest that will be recorded prior to their mortgage/trust deed.

Therefore, I must assume that someone is up to something, although I can't figure out what it might be.

Ordinarily, the way that this sort of thing is accomplished, is by one spouse buying the home and acquiring title separately, and then quitclaiming half of their interest to the other spouse. Thus, the documents recorded at the county clerk would be in this order:

1. Grant deed to husband.
2. Trust deed/Mortgage to lender.
3. Quitclaim to wife.

All of this happens within the confines of the title company, so that the documents are all recorded within seconds of each other, and no one else can squeeze in secretly.