Legal Question in Real Estate Law in Florida

Re: realestate, marriage, and bad credit

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If your husband to be has enough income to qualify for a loan without your income, then a loan application can be applied for in his name alone with your name included on the deed at the closing. You will have to sign the mortgage and a few other loan instruments in order to satisfy the lender's requirements and need to be able to foreclose on your homestead in case of a default on the payment of your mortgage. There will be no need to do a second deed.

If he purchases the property before the marriage, then unless he adds your name to the deed by virtue of a new deed, you may have no legal rights to the property in the event of a divorce. Unless the original lender approves, you may have to refinance the property and incur closing costs again if the original lender will not approve in the change in ownership. Also, you may incur a higher basis for the new deed and thus additional property taxes on a yearly basis. Documentary stamp taxes will have to be paid on the transfer even if no money is paid.

Scott R. Jay, Esq.