mortgagein husbands name only

[patkc]

What is the name of your state? sc
My husband wants to refinance our home so we can pay off some bills. He was told by the mortgage company that we would get a better rate if just his name was on the mortgage because my credit is not that great. I am a little concerned about this. I am wondering how this could affect me if he were to die or if our marriage didn't last. With just his name on the mortgage he would be able to make any other decisions about the home without my permission. Is there any legal document that can be drawn up which would basically give me all rights and decisions to the house equal to his. We do have a basic will which leaves everything to the other in the event of our deaths.

[JETX]

Originally Posted by patkc

What is the name of your state? sc
My husband wants to refinance our home so we can pay off some bills. He was told by the mortgage company that we would get a better rate if just his name was on the mortgage because my credit is not that great. I am a little concerned about this. I am wondering how this could affect me if he were to die or if our marriage didn't last. With just his name on the mortgage he would be able to make any other decisions about the home without my permission. Is there any legal document that can be drawn up which would basically give me all rights and decisions to the house equal to his. We do have a basic will which leaves everything to the other in the event of our deaths.

The mortgage in only his name does nothing to your 'rights' of ownership. Ownership is set by how the deed is styled and really has nothing to do with the mortgage obligation.
HOWEVER, it is unusual in that most lenders will require that all parties on the deed (title) are required to sign the mortgage.

Is your name on the title to the property?

[patkc]

i am on the current mortgage we have now on the house. And from what he has told me I will have to sign a form that will release me from the current mortgage we have now so he can refinance.

[Some Random Guy]

And from what he has told me I will have to sign a form that will release me from the current mortgage we have now so he can refinance.

No, that is not correct.

You cannot sign a piece of paper allowing you to walk away from your obligation to the bank. Only the bank can let you out of your obligation.

What he is likely having you sign is a quit-claim deed in which you give up your 50% OWNERSHIP of the house. Then, once he has full ownership, he can get a mortgage in his name only.