How should I go about doing this?

[jimboev]

What is the name of your state? Maine

I'm in the process of buying a house with my wife. Since my credit sucks, she is applying for the mortgage, but I am using about $40,000 of my own money to pay off all her loans, put the down payment money down on the house, and come up with all the closing costs.

She's taking a mortgage out for the rest, with just her name, even though I'm paying cash for downpayment, etc.

Now, can only she put her name on the title, or is there a way I can be on the title, even though I'm not on the loan. Can I be on the deed?

We just got married and live in Maine, so I'm not sure what to do.

I just don't want to be screwed out of all this money if something happens down the road.

Thanks,

Jim

 

[pojo2]

I just don't want to be screwed out of all this money if something happens down the road.

Take about 500-1000 of that money and visit with a Real Estate Atty who can sit and discuss this with you and your wife and advise you on the proper avenues to protect you both.

Some lenders, under certain circumstances, will not allow immediate inclusion of a name on the title that is not on the loan. For many it is a simple matter at closing, so either ask your lender these questions or hir an Atty.

 

[kellys]

should be no problem

I would speak with the lender but I don't see why this should be a problem. Some friends of mine did the same thing. The wife had bad credit so the mortgage was just in the husband's name. But the title to the house had both of their names as a married couple (joint). But double check with the lender.