Name on deed but not on mortgage
Name on deed but not on mortgage
What purpose would it serve to put a future spouse on the deed and not on the mortgage. What would happen if for some reason we did not get married
2 Answers
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She would own half of your home and not be liable for any of the debt - think about it -
There is no benefit
Brian Barnes
Nationwide Lender
Brian@Aimwithfocus.com
1
Adding a future spouse on the deed will make him/her co-owner of the house, while keeping the same person out of the responsibility of sharing the mortgage loan burden.
In case of no marriage between the prospective spouses, then person who has not been included in the mortgage papers will not be liable for loan's repayment, while holding on to the share of the concerned property.