Mortgage in spouses name - HELP!

[greyparrot]

My husband and I desperately want to buy a home, and recently found the perfect one for us. Problem: I was recently laid off after 16 years and my credit, though all debts show paid, is not very good. My husbands credit, on the other hand, is pristine.

We went to a mortage broker who said "no problem" I get get you a mortage today provided it is in Matts (my husbands) name".

We have a strong marriage (of 15 years) but one cannot predict the future so I very much want to protect my interests in case of an eventual divorce. After all, we will be paying the mortage jointly regardless of whose name it is in. My husband is willing to sign any agreement that would achieve the security I am insisting upon. Is there any kind of binding agreement a lawyer could help up with.

Also, if the mortgage is in his name, does this mean I cannot use part of my IRA for the downpayment/settlement?

Thanks for any help.

Polly

 

[Michael Wechsler]

Did you discuss the possibility of having you added to the mortgage? Both of you would be responsible and usually 2 on the hook are better than 1. Liability is joint (together) and several (each on of you could be called upon to answer separately for the entire mortgage).

I think it is extremely wise of you to insist what you are insisting. It also makes things so much easier as time passes, regardless of what it has in store for us.

 

[lpesso]

all he needs to do after the purchase is to add you to the deed. you dont need to be on the mortgage in order to have a security interest in the property. now as far as as using your downpayment form an IRA that could be troublesome.

 

[Michael Wechsler]

Good points of clarification.