Legal Question in Real Estate Law in Tennessee
Deed vs. Loan application
My husband recently retired from the military and moved back to his hometown, Memphis TN. After selling our house in Virginia I will be joing him in Memphis. The concern I have is, that my husband purchased or in the early stages of purchasing a house without my name on the loan. He says it is easier since i am still in Virginia. He says that my name will be on the deed. My question is how do I ensure that my name will be on the deed, when is the name submitted to be be on the deed, and what does that mean not be on the loan but on the deed from a legal security stand point for me. I am not sure if something happens can he put me out if my name is not on the loan or what? Thank you in advance for your answer.
1 Answer from Attorneys
Re: Deed vs. Loan application
What your husband is telling you about "it being easier since you are in Virginia", in terms of omitting your name from the mortgage loan, really makes no sense since married people routinely purchase property jointly where one may be in one state and the other in another state, but they apply for the morrtgage loan jointly and both names appear on the deed, commonly holding title jointly "by the entireties
with right of survivorship".
If your name is not on the mortgage loan, then you would not be responsible for paying on the loan if your husband were to default nor would your credit history be a factor in determining whether your husband receives the loan.
Your husband would be the sole owner in fee simple of this property and whether your name would be added later to the deed would be at his sufferance as there would be no legal requirement for him to do so.
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