solo mortgage when spouse has bad credit

[emera]

What is the name of your state? NY, NJ

First time I'm posting, sorry if I'm posting in the wrong place. My husband and I live in NYC and are looking to buy property for the first time, in NJ or possibly NY. He has a terrible credit rating (500s ) so the mortgage advisor at the realtor's suggested I apply for the mortgage solo with my good credit but have both of our names on the title. I had suspected his credit was bad (we have separate bank accounts and only 1 joint account because I didn't trust him to handle my finances) but he was never forthcoming. We are both making decent salaries right now so I think we should be able to pay for a mortgage. What troubles am I headed for, legally, if we do take the mortgage only in my name? Is a postnup something I should look into, and what would it need to say? My husband thinks I have nothing to worry about (naturally)

[lcannister]

Just a Humble Opinion but you have bigger problems than getting a mortgage.

Having said that yes you can get the mortgage in your name and his be added to the title. Then when the marriage falls apart you can be left with a mortgage to pay, after all he will have no obligations, with him as an equal owner.

See an Atty to figure out the ramifications BEFORE making a costly mistake.

[LindaP777]

Duplicate post