Posted on: 20th Nov, 2010 02:01 pm
Mu husband is looking to get an agriculture loan for some hunting property with no house on it. I don't want to be on the loan with him. Do I have to sign as well since we are married? The property is in Michigan and the loan will be for slightly more than $100,000.
Welcome wickettskustinm,
Your husband can take out a mortgage solely in his name if he has the required credit score and income. It is not mandatory for you to be a part of that loan. However, if you stay in a community property state, then you may be a part of the loan. You can sign an inter-spousal transfer deed and release your claims from the property.
Your husband can take out a mortgage solely in his name if he has the required credit score and income. It is not mandatory for you to be a part of that loan. However, if you stay in a community property state, then you may be a part of the loan. You can sign an inter-spousal transfer deed and release your claims from the property.