QUESTION
Is it common to leave a spouse off mortgage because their credit rating is low?
Asked on Oct 11th, 2017 on Estate Planning - Nebraska
4 ANSWERS
Estate Planning Attorney serving La Grange, IL
at
Law Office of T. Phillip Boggess
Update Your Profile
Yes. We have had one person on the mortgage many times. So basically the person left off owns the property but isn't liable for the loan.
Answered on Oct 15th, 2017 at 2:06 AM
Thomas Edward Gates
Yes, can leave spouse off mortgage, but still list them on the title.
Answered on Oct 15th, 2017 at 2:06 AM
It?s not uncommon and can occur for a number of reasons. Generally, however, if both spouses are named on the deed, lenders will want both names on the mortgage.
Answered on Oct 15th, 2017 at 2:05 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Yes, a spouse with a bad credit rating will increase the chance of rejection or cause a higher interest rate.
Answered on Oct 15th, 2017 at 2:05 AM