Posted on: 24th Oct, 2008 10:04 am
is it true that if my husband got a loan in his name for buying a house the lendor will not give him the loan unless i sign an interspousal transfer deed?
is it true that if my husband got a loan in his name for buying a house the lendor will not give him the loan unless i sign an interspousal transfer deed?
Hi dona!
Welcome to forums!
Inter-spousal deed are generally signed to transfer property between spouses. It also helps to convert community property into separate property. I think yours is a community property and lender does not want you to have any interest in the property. This is because, in case your husband fails to pay off the debt, then the lender will sell off the property and recover his debts. If you have rights to that property then he will have to pay you. So the lender wants you to give up your interests.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Inter-spousal deed are generally signed to transfer property between spouses. It also helps to convert community property into separate property. I think yours is a community property and lender does not want you to have any interest in the property. This is because, in case your husband fails to pay off the debt, then the lender will sell off the property and recover his debts. If you have rights to that property then he will have to pay you. So the lender wants you to give up your interests.
Feel free to ask if you have further queries.
Sussane