Deed of Trust

Question: mortgage on my name but both names on the deed?

We are married and getting our first home together. However, my husband's credit is bad, we had to pay alot of his credit togehter actually. So I got a loan on the house on my name only and we are about to go to closing. At the beginning I thought that its fair that both of our names should be on the deed. Now I am thinking that it is not fair that I am going to be financially responsible for it and not him. I want to propose to him that he fix his credit, we refinance when he does so and then we add his name to the deed. I think its fair. It's not about trust or anything like that for me. We love each other and trust each other. I dont even know what the laws are when you are married and have a house together - I think in case of divorce in Virginia it gets split anywhays both ways. I just want him to be responsible for it just like I am. I dont know how he would react Do you think I am unreasonable?

Answer: I think you need to go to a lawyer and get a better understanding on Virginia laws, or go to the library and also the circuit court will help put things into perspective as far as their laws are concerned.

Now If I am correct, in most cases, if both names are on the deed, as co owners, both persons are responsible for the mortgage, regardless of credit history and that is because the loan is secured. The person with the bad credit in the meantime can fix his/her credit and the loan with the mortgage will help to fix the credit as the payments are being made in a timely fashion. I am an example to this.

My husband 's credit was better but mine wasn't. We bought our home really on his credit, but with "Our" money. Over the years as I straightened out my credit, the purchase of the home and making payments on time helped my credit. When my husband died, as the co owner of the home, the mortgage company automatically looked to me for their payments. Believe me they did! I am a responsible party to this loan even though my credit did not help to get it. Hopefully, this makes sense and clarifies some things for you.

To add his name later to the deed cost money. Anywhere from $200 to $350. Depending on where you live. I know. When my hsband died I added my children to the deed to protect my asset when the time comes. The circuit court fee was $60 and my lawyer charge $250 to file and do the work. $310 dollars.

Think carefully as to what you need to do and trust that you and your husband can work this out that you don't feel used and he doesn't feel imasculated. God Bless you as you start this venture together.

Hannah - Options For Homeowners - Part 1 of 2