mortagge is on husband's name and deed is on my name

Situation:
We (my husband and I) are trying to refinance our house. Since the begining
of the purchase the mortgage had been on my husband’s name only but the deed in
both names. Now, we were thinking to leave the mortgage in his name and deed
only in my name.

Concern:
I'm concern about our situation if for some reason we get divorce.

Questions:
1. What do I have to lose?
2. What does he has to lose?
3. What will happen with the house if we get divorce?
4. Can I keep the house and keep making payments on the mortgage or my
husband will keep the house?

Thanks for your prompt attention,
Ashley

Originally Posted by prqueen Situation: We (my husband and I) are trying to refinance our house. Since the begining of the purchase the mortgage had been on my husband’s name only but the deed in both names. Now, we were thinking to leave the mortgage in his name and deed only in my name. Concern: I'm concern about our situation if for some reason we get divorce. Questions: 1. What do I have to lose? 2. What does he has to lose? 3. What will happen with the house if we get divorce? 4. Can I keep the house and keep making payments on the mortgage or my husband will keep the house? Thanks for your prompt attention, Ashley

Im in the State of Kentucky

[jjones8601]

Sorry that I do not have time right now but you can start here: Kentucky Revised Statutes

I will check on your post. I Promise...

The lender usually wants both spouses on the deed (no matter who is on the mortgage) if you refinance. If you are not on the deed you risk arguments about who owns what if you divorce etc., and the lenders don't want any confusion on the issue.

that's actually not necessarily true. we have the same situation. my name is on the mortgage and his name is on the deed. we have refinanced twice and the lenders never have cared as long as they get their money.

as far as the divorce thing goes. it will definitely be an argument in court and whoever is NOT on the deed will suffer.

It is relatively unheard of for a bank to finance, or refinance property if the mortgage holder's name is not on the deed.


Many lenders do not even want any other name on the deed if they are to purchase or refinance property. It is generally not a good idea.

Why anyone would agree to have their name omitted from the deed while being the responsible party as the debtor is a mystery. Only very seedy banks would even touch a situation like that with a 10 foot pole. This would explain why some banks are going belly up right now.