placing spouse on mortgage deed

[casavaa]

I need some information. I am buying a new home in SC soon, and am married. The house is going to be on a 30 year mortgage. Due to my spouses sketchy credit history we are not able to use his credit to take the mortgage loan. However, we are both going to be paying for the home over the years and I would like to know if I am able to add my spouses name to the property ownership or deed? Please help.

[jet54]

Am going thru same thing right now. I am in Maryland but here we are just getting the mortgage in his name but my name will be put on the deed. Hope you can do the same in your state.

[Tracey]

There are 2 ways to do this. 1) Have the bank approve that title/escrow company issuing the deed in both names even though only 1 person is on the mortgage. 2) After the deed is issued in your name, quitclaim the house "from [me] to [me & my spouse], as joint tenants with right of survivorship." The disadvantage of this approach is that it MAY trigger the due on sale clause in the mortgage if the bank finds out about it. Banks usually don't bother to check, though. 3) Create a living trust, have the trust own the house from the get go, and specify that the surviving spouse gets the house. This also avoids probate fees on the house. You can set up a simple trust using self-help law books, or hire an attorney to do it if you want to make the trust part of your overall estate plan.

You might want to draw up a home ownership contract/post-nuptial agreement that specifies that the house goes to the person who is on the mortgage, so that you don't have the situation of A living in the house while only B is liable for the mortgage.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.