No your spouse does not have to be on your mortgage but depending on the state, they must sign away their martial rights to the property because under the law, you are one! If you are looking for more info about the Mortgage process and credit check out The Credit Bible by Phil Turner. Below are some options for you.Option one: Buy the house together as co-owners and co-borrowers. In this situation, your bad credit will result in a bad credit rating for the transaction, and a corresponding high interest rate. This is exactly what you are looking to avoid.Option two: Have "good-credit" buy the house alone, leaving "bad-credit" out of the deal. But then the mortgage would be limited to the amount that the income of "good-credit" can support. This means that you might not be able to purchase the house that you want and that would be affordable if both incomes were taken into account. Option three: Have "good credit" buy the house using stated income "no-income verification" mortgage. Then the mortgage amount would not be limited by the income of "good-credit" because the lender will not consider income in underwriting the loan. However, qualifying for a no-income verification loan requires that you put up a large down payment - probably 25 or 30% of the property value. Option four: Have a third party with good credit and income replace "bad-credit" as the co-borrower. Usually only a parent would be willing to play this role.Which way you go depends in large part on how much you want to spend on your house. The table below provides estimates of the highest sale price you can afford at different down payment requirements, income, and available cash. It indicates that the no-income verification option would limit you to a house in the $120,000 to $140,000 range because of the large down payment requirement. On the other hand, the income of "good-credit" alone, along with the cash from both of you, would allow a $340,000 house at 5% down. That looks like the way to go unless you want to spend more, in which case you must find another co-borrower. Again Source: The Credit Bible by Phil Turner.
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.
yes
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
After the divorce why do you need your wife name on the mortgage. You should work to remove the wife name from the mortgage and have sole responsibility towards it unless you guys worked out a different arrangement.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
Her mortgage liability will be discharged.
If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.
The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.
Jointly
You haven't provided important details such as what came first- the mortgage or the survivorship deed. You should consult with an attorney to determine your obligations and options regarding the mortgage.
yes