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4 Bumps

How easily (or not) is it to have my husband's name be the only one on the title, after we've bought the house??

My husband and I are buying a house right now and everything is happening real quick. We did not think my name was going to show up as a homeowner, but it is, and we don't want that. Basically it has to do with law school financial aid.

Anyway, once escrow is closed (or before then), does anyone know if it's easy or not to have his name be the only one on the title? We have already both signed a bunch of docs- we're meeting with our agent tomorrow, but I just wanted some insight if possible :)

thanks!

 
lexi8622

Asked by lexi8622 at 9:28 PM on Oct. 25, 2012 in Money & Work

Level 17 (3,637 Credits)
This question is closed.
Answers (8)
  • He can have sole title. HOWEVER, if he dies, it could cause problems for you depending on the laws of your state. Expect to have to go through probate.

    And if you're both on the loan, you may already be in trouble for that aid.
    gdiamante

    Answer by gdiamante at 12:19 AM on Oct. 26, 2012

  • Doesn't financial aid still take into account your spouse's assets? I'm pretty sure it does. And for other legal reasons, it's a good idea to have your name on the title (tax credits and survivorship).

    However, if you insist on doing so, you should contact the title company and ask them to make this change.
    hellokittykat

    Answer by hellokittykat at 1:53 AM on Oct. 26, 2012

  • First most financial aid takes spouses income and assets into account so it doesn't matter if you are on the title or not. Second most banks require the names on the loan to be the names on the title so IF your name is on the mortgage you are stuck too. Third in some states it may be very difficult to keep the house without a fight if something were to happen to him and your name were not on the deed (not the case in our state, but some). Fourth some states require a married couple to both be on the title regardless of loan status. That being said call the title company and talk to them.
    Anonymous

    Answer by Anonymous at 8:23 AM on Oct. 26, 2012

  • Wait a minute, you are going to law school and you are coming to CafeMOM to ask this question?
    Anonymous

    Answer by Anonymous at 8:30 AM on Oct. 26, 2012

  • Well that information would have been nice to begin with. There is a big difference with how I answer this based on whether you are LEGALLY husband and wife or not. I was going to agree with the first anon on everything, but not after finding out the marriage is not legal in the eyes of the government. I personally have no issue with that and did it myself, but would not refer to him as my husband when discussing legal matters.

    That being said point two is still valid. If your name is on the mortgage then the bank may require your name on the title. You need to call the title company and/or the bank to find out.
    aeneva

    Answer by aeneva at 1:01 PM on Oct. 26, 2012

  • Oh, forgot to add we are NOT legally married- so spouses status and things like that are irrelevant to us. We had a wedding, but not legally married b/c we don't believe in the legalities of it.

    Also to the second anonymous- I'm applying to law school, not IN law school- and my specialty is human rights (which is the law I'll be going into), not property/tax law etc- so yes, I came to cafemom because sometimes it's quicker than google.
    lexi8622

    Comment by lexi8622 (original poster) at 11:58 AM on Oct. 26, 2012

  • Wait this does not make sense. We bought our first house when my ex was in law school. Did not create any problems. One of the first thing I would say you will learn is that the law does not care about your philosophical distinctions. If you are anywhere on that loan you are legally libel for that loan and if you r lying on a federal loan application for student aid then you can be prosecuted and charged with fraud. Not a good way to start your law career.
    booklover545

    Answer by booklover545 at 2:43 PM on Oct. 29, 2012

  • to "booklover545", it may depend on what state you live in- but i know for a fact my law school scholarships/financial aid/ and loans will be affected if i'm listed as a homeowner. and the whole legality of it is precisely WHY i put this on cafemom, to get advice since i surely don't intend to be lying anywhere on any application.

    and i figured it out- it was actually VERY easy, all we have to do is attach an amendment to remove my name from the docs previously signed- i'm not on the mortgage or the title, and all agents said this is common when one of the parties is in higher education. so it turned out not to be the biggest of deals after all- thanks for all the responses!
    lexi8622

    Comment by lexi8622 (original poster) at 6:21 PM on Oct. 29, 2012

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