Posted on: 01st Dec, 2011 09:22 am
Hello,
My husband and I are closing on a house soon and I was asked by my FHA lender, if I would like him to be on the deed. My name is the only name on the loan, because my husband foreclosed on a property before we were married (3yrs ago) and therefore would not be able to apply for a loan. My question is, should I add his name to the deed of our new home? What does that even mean? Are there any advantages or disadvantages?
My husband and I are closing on a house soon and I was asked by my FHA lender, if I would like him to be on the deed. My name is the only name on the loan, because my husband foreclosed on a property before we were married (3yrs ago) and therefore would not be able to apply for a loan. My question is, should I add his name to the deed of our new home? What does that even mean? Are there any advantages or disadvantages?
Depends on what state you are in.
In some states, he owns the marital home equally with you regradless of whether or not he is on the deed. In such a case, no real advantgage to being on the deed, except, if you were to separate and it is no longer the marital home, his ownership rights may not be protected.
If you are not in such a state, it may be to his advantage to be on the deed to protect his ownership rights.
On the other hand, if he is on the deed, whoever the lender is who foreclosed and other accounts that may have been charged off, would now have a property they could go after to get themselves paid.
I suspect only an attorney could tell you if it was really safe for him to be on the deed.
In some states, he owns the marital home equally with you regradless of whether or not he is on the deed. In such a case, no real advantgage to being on the deed, except, if you were to separate and it is no longer the marital home, his ownership rights may not be protected.
If you are not in such a state, it may be to his advantage to be on the deed to protect his ownership rights.
On the other hand, if he is on the deed, whoever the lender is who foreclosed and other accounts that may have been charged off, would now have a property they could go after to get themselves paid.
I suspect only an attorney could tell you if it was really safe for him to be on the deed.
Thanks! We are in Ohio so I'll have to find out about equally marital home rights.
I didn't think about his previuos lender possibly being able to go after this property. Good point!
Thanks!
I didn't think about his previuos lender possibly being able to go after this property. Good point!
Thanks!
Good luck!
I do not know Ohio laws regarding dower rights
I do not know Ohio laws regarding dower rights
You may contact the comapny which handle the closing when you purchase the house.You may call your lawyer that makes a apeciality of proper estate.It is very chip service.You must go in & sign a addendum to your deed saying that you need her name added. It only takes a minute.
Do you live in a community property State?
