Home is in husband's name

[shawnaquijada]

I live in Ohio; we are getting a divorce and the house (both deed and loan) are in my husband's name only. Right now, my credit is horrible because the house I owned is going into foreclosure. If I want to stay here, and he agrees to let me, I would still have to get the loan in my name, correct? The only two ways I could stay here is by renting from him or getting the loan in my name, correct?

 

[OHRoadwarrior]

He can allow you to stay for free. He can rent it to you. There are numerous scenarios that can allow you to live there.

 

[shawnaquijada]

He can allow you to stay for free. He can rent it to you. There are numerous scenarios that can allow you to live there.

He can let me stay for free how? The courts would not allow me to stay in the house with it in his name, would they? Unless I rent it from him, right?

 

[stealth2]

He can let me stay for free how? The courts would not allow me to stay in the house with it in his name, would they? Unless I rent it from him, right?

If he owns it and says he's fine with you staying there, the court is unlikely to tell him no. But, realistically... it would be foolish of him to do so.

Did he own this house before you were married? What about the house you're being foreclosed on? (And I doubt you will get a mortgage with the foreclosure being so recent.)

 

[ecmst12]

I think it's safe to say that if you stay in the house, EVENTUALLY you are going to need to get it refinanced into your name. How much time you have depends on what you negotiate with your ex and what the judge rules. Why isn't your name on the deed? Was the house bought during the marriage or before? If he bought it before you got married, the chances that you will be allowed to stay there go way down (unless of course he agrees). Can you afford the current marriage on your own? Would you be able to refi within at most 5 years? Is there equity or is it underwater? All of these factors matter. You would certainly not be able to keep living there forever with the loan in his name.