Wednesday, April 30, 2008

I LOVE refinancing!

I don't have to pay my mortgage until July, thanks to the way the paydown on the loan will go, and all. Woo!

Question for the more intelligents of those of you** out there who might've dealt with this sorta thing in the past, though:

I currently hold the title on my home in just my name, seeing as I bought it before I met Leo and married him. It would be my preference to not involve in him any way on something that might effect credit, as he's still working on establishing and building better credit at this point in his life. So he's not on the loan. Just me, which makes things easier overall.

But the title...should I have him added to it? No one likes to think of the two "d" words when they're in the merriment that is the newlywed period, I'm sure, but it's always a distinct possibility that (a) I could die or (b) he could get really, really tired of my shenanegans at some point and want out of this marriage. (I personally think he's just too easy going for that. In which case, he could just snap at some point and bust my head with a brick while I sleep...which brings us right back to letter a anyway...)

Right now, I don't have a will. I want to wait a bit to put one together for personal reasons.

So is it smart to have him added to the title? Will it just burden him with an expense he might not be able to handle if I should pass for some reason? Should I not worry about these sorts of things and just continue on in the merriment that is the newlywed period?

Help me, smrt peeple. Help me!

**Or the less guys can be entertaining!


Spyder said...

I say add him. In for a penny, in for thousands of dollars.

emawkc said...

The way I see it, adding him can only hurt you.

If you die, then as your spouse he automatically inherits all your crap (unless he dies at the same time in some kind of horrible meat-cleaving accident or a suicide-murder (that's right, he commits suicide and then kills you. It could happen.) or unless he offs you for the money (which he would never do, right?). So that pretty much covers you from the death perspective.

You guys already have a strong marriage, so no need to stroke his ego by adding him. There are other things you could stroke, however, that wouldn't hurt your marriage any. Just sayin'.

Feel free to add me to the title, though, as your trusted adviser.

lyn said...

leave him off - emawkc has got it right. eventually you're gonna want to put your house in a trust (tax reasons) so you might as well make those kinds of changes all at once.

Janet said...

check the state law, you may have to whether you want to or not. my ex did, but we were in MO. double check.

Xavier Onassis said...

Yeah, see, what Janet said. How can a person be on the title if they aren't on the mortgage?

I don't get that.

How can you be a joint owner of a piece of property if you don't have any financial obligation to the property?

Scenario: The mortgage is in your name only, but the title is in both your names. You die (God forbid). What? He just owns the house now and doesn't owe anything because he wasn't on the mortgage?

That doesn't make any sense to me.

meesha.v said...

he gets half anyway. make sure there are no loose bricks in the house.

faithstwin said...

I have two suggestions: keep it to yourself and have all your interests be added to the family trust (in the will) that way he would be taken care of no matter what or add the family trust as the second title owner (like my house is) so no matter what, it will be spread out in case of your passing. I don't know how any of that is done, but our Brother might be able to help you work it out.

I hate 'real life' shit.

faithstwin said...

In California, I am the only person named on the mortgage even though title is held in both my name as well as the trust.

Faith said...

XO, according to the loan processor, if we don't put him on the title, he has to sign some waiver thingy.

And yeah, basically the title can be in both our names, but the mortgage is just in mine. Works out best for everyone, due to the credit issues. (My credit score is at 805 now, according to my broker. Holy SHIT! I don't know what Leo's is at, but I'm pretty sure it's not near 800...)

Twin, good call. I'll try calling Brother in a little bit.

Emaw, as always, your advice is simply amazing. I really, really appreciate it. And I swear that if anything happens to the change mug you have on your desk, it wasn't me.