makia1212 Posted April 16, 2007 Report Share Posted April 16, 2007 removed? Link to comment Share on other sites More sharing options...
jq26 Posted April 16, 2007 Report Share Posted April 16, 2007 I did the same with fiance a few years ago because of my shoddy credit, but it may be different in cases of married parties. I am not sure whether the rules change if you are married (a more informed person needs to chime in and explain). To be honest, I doubt it because of marital property issues. Assuming that one party of a married couple can purchase without the other being on the deed, the note needs to be solely carried by the purchaser. The funds need to be solely sourced from the purchaser and the credit and income qualifications are solely through the one party. This is what occurred with my fiance's purchase of our home in 2005. It was as if I didn't exist in any way, except that 30 days after the purchase I wrote a sizable check and paid down the note in an equal amount as her down payment. Again, due to the nature of marital property, I doubt a lender would let you pull this off, but I could be wrong. A mortgage broker could tell you. Link to comment Share on other sites More sharing options...
answer2prayer Posted April 16, 2007 Report Share Posted April 16, 2007 Someone correct me if I'm wrong, BUT, since you state that these are 5 yrs old I'd check out your SOL. Due to the fact that as soon as they are out of the SOL then they cannot SUE you and get a judgment against your property. They might try to scare you by filing a suit against you (speaking from experience here) but they will not win as you will have the SOL as your defense! All they can do after the SOL is continue to try to harass you with collections. With that said, I'd put my name on the deed that's for sure! Link to comment Share on other sites More sharing options...
2ndTimeAround Posted April 16, 2007 Report Share Posted April 16, 2007 If you go on the title - more than likely you will have to settle the collections and chargeoffs. Even though you are not going on the loan, a background check will be done on you by the title company. A bank will look at the bad dept possibly turning into future liens. To go around this you could get a will, but between that and probate fees. It might be easier to settle the dept....My $00.02 Link to comment Share on other sites More sharing options...
cracrap Posted April 16, 2007 Report Share Posted April 16, 2007 , should we leave my name off the deed of the house so they cant put a lean on it to collect debt? I would prefer to have my name on it in case something happened to him. buy it in his name only..dont be confused by the terminology of notes, liens and mortgages..a mortgage (also known as a note) is a lien recorded against the property, not an individual, guaranteeing the payment of the debt.....the title is who owns it and it can be different than who is listed as being responsible for the debt though most lenders may not accept that ...if you are listed on "title" then that means you have a share in the ownership of the property whether youre on the mortgage(note) or not...and they alsolutely will record a lien against your property if your on the title...youll find out that if oregon is community property state like cali then when your hubby goes to escrow youll have to sign a quitclaim deed to remove your interest in the property in order to remove your name from title,,,which wont matter anyways because being a community property state then if something were to happen to him, his ownership of the property would revert to you anyways.....and i dont want to hear anyone from the peanut gallery bring up the "due on sale" clauses..thats another topic... Link to comment Share on other sites More sharing options...
zfire Posted April 16, 2007 Report Share Posted April 16, 2007 SOL in OR should be 6 years. Link to comment Share on other sites More sharing options...
answer2prayer Posted April 16, 2007 Report Share Posted April 16, 2007 SOL in OR should be 6 years.Thankyou zfire for looking that up! Link to comment Share on other sites More sharing options...
answer2prayer Posted April 16, 2007 Report Share Posted April 16, 2007 , should we leave my name off the deed of the house so they cant put a lean on it to collect debt? I would prefer to have my name on it in case something happened to him. buy it in his name only..dont be confused by the terminology of notes, liens and mortgages..a mortgage (also known as a note) is a lien recorded against the property, not an individual, guaranteeing the payment of the debt.....the title is who owns it and it can be different than who is listed as being responsible for the debt though most lenders may not accept that ...if you are listed on "title" then that means you have a share in the ownership of the property whether youre on the mortgage(note) or not...and they alsolutely will record a lien against your property if your on the title...youll find out that if oregon is community property state like cali then when your hubby goes to escrow youll have to sign a quitclaim deed to remove your interest in the property in order to remove your name from title,,,which wont matter anyways because being a community property state then if something were to happen to him, his ownership of the property would revert to you anyways.....and i dont want to hear anyone from the peanut gallery bring up the "due on sale" clauses..thats another topic...Cracrap, I don't understand why you state that they absolutely will record a lien against her property?!?I have to disagree. Now knowing that the SOL is 6 yrs. If they wait and buy in another year then hopefully the CO's will be time barred by the SOL. The CAs cannot get a lien without a judgment. If she is sued she can use the SOL as her defense to win, therefore no judgment awarded! Do you know for sure that oregon is a community property state? If she wants to feel more assured, they can get the mortgage (loan, note) in his name alone and then after getting the loan they can add her to the title. Again, just my point of view. Link to comment Share on other sites More sharing options...
melisadawn Posted April 17, 2007 Report Share Posted April 17, 2007 I have a finacial adviser at work through our IRA. When fiance was buying house I asked him what was bast so there wasn't any "family" interference if he were to pass away. He told me the best thig was TRANFER UPON DEATH DEED. Said it holds better then a will. Said a will can be fought. Also said just go to court house and get it done for around 15$ Link to comment Share on other sites More sharing options...
cracrap Posted April 17, 2007 Report Share Posted April 17, 2007 Cracrap, I don't understand why you state that they absolutely will record a lien against her property?!?if theyre within sol,they most likely will and even if not they can still try..youll still have to defendI have to disagree. Now knowing that the SOL is 6 yrs. If they wait and buy in another year then hopefully the CO's will be time barred by the SOL.hopefully??..sol doesnt bar them for tryin..The CAs cannot get a lien without a judgment. If she is sued she can use the SOL as her defense to win, therefore no judgment awarded! "hopefully" no judgement..it doesnt always work like it should ,their can be many variables along the way..Do you know for sure that oregon is a community property state? i said check and see If she wants to feel more assured, they can get the mortgage (loan, note) in his name alone and then after getting the loan they can add her to the title. her being on the note has nothing to do with her bein on title...two separate issues....she can and should be added to title ,just not yet....and to ease her mind whether shes on title or not ,in a comm prop state,she owns half of it... Again, just my point of view.and a darn good one at that:) Link to comment Share on other sites More sharing options...
answer2prayer Posted April 17, 2007 Report Share Posted April 17, 2007 I have a finacial adviser at work through our IRA. When fiance was buying house I asked him what was bast so there wasn't any "family" interference if he were to pass away. He told me the best thig was TRANFER UPON DEATH DEED. Said it holds better then a will. Said a will can be fought. Also said just go to court house and get it done for around 15$Melisadawn...thanks for the info...didn't know this...before my mother passed away back in 2001, she put me on title to be able to get her home (she had been fighting a terminal disease so we pretty much knew how much time...more or less...she had before passing) She had been advised, by her attorney to do this since she really had nothing else to leave anyone and she didn't want to go the route of a Will. It all worked out very well. Even the mortgage company just transferred her loan over to me upon her passing and sending them a copy of her death certificate, didn't have to qualify or anything! That was a miracle in itself! LOLI had been wanting to do something the same to put my daughter on the title in case something happens to me, but with this new info from you, I will definitely check this type of deed out with my attorney and also ask him out of curiosity why he didn't suggest this in my mom's case. Again thanks! Link to comment Share on other sites More sharing options...
normancm Posted April 17, 2007 Report Share Posted April 17, 2007 I'm in Arkansas and with our mortgage it is a state law that the other spouse's name be put on the title. You might want to check your state laws or call a loan officer just to see. With us, dh is getting the loan solely by himself and I was put on the title. They did not ask for my social security number for the title but they did ask for my social for the home owners insurance. We just started processing the loan yesterday and that's when they told us about the state law. I too was worried about some collections on my credit but the loan officer told me that they wouldn't even be checking my credit at all. Link to comment Share on other sites More sharing options...
makia1212 Posted April 17, 2007 Author Report Share Posted April 17, 2007 removed Link to comment Share on other sites More sharing options...
melisadawn Posted April 17, 2007 Report Share Posted April 17, 2007 Not sure how this transfers with mortgage company. If you ask attorney let me know what he says. Link to comment Share on other sites More sharing options...
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