Mortgage/deed question

This question is for a relative who is looking for an answer. Scenario: A married couple is buying a home but only one spouse is being put as the borrower on the mortgage loan bc they have great credit (the other spouse's credit not so good). In the state of NY, Can the spouse not on the mortgage still be on the deed?? will they have less rights or entitlements to the house bc they are not on the mortgage but only on the deed?? If let's say godforbid one spouse passes or godforbid divorce??They both work and will both be contributing to pay the mortgage and bills etc. Any answers/advice are appreciated. TIA

Re: Mortgage/deed question

All I can tell you is I KNOW that you can be put on the deed even if your name is not on the mortgage b/c thats how we have it set up. For the other questions... IDK. I do know if something happened where lets say DH short saled the house or lost it or whatever it would not effect me anyway financially.

Re: Mortgage/deed question

I am on the deed and not the mortage. I have jsut as much right to the house as my DH.

Re: Mortgage/deed question

Yes, it's very common that one spouse is on the mortgage, and both spouses are on the deed. It's not an issue at all.

Re: Mortgage/deed question

You can, DH and i opted for me to not be on either. In case something happened to him, we thought it would be better to forfeit the house and I have no responsibility to it, which is fine with me. No way I would be able to handle the house if DH weren't around.

Re: Mortgage/deed question

A big Thank You to all who responded.