Closing on the house today

iVillage Member
Registered: 04-21-2003
Closing on the house today
15
Tue, 11-30-2004 - 11:40am

It's so cool. Shane is going alone because it's just in his name. He's so nervous. I told him the same thing he tells me...It's going to be okay. We have the money handy to write the check today so it's going to be fine. And we'll have enough to get a decent Christmas. Not what we originally planned, but a few hundred dollars to play with so things will be under the tree.

So it's all good news. And I'm so happy for Shane. I'm really proud of him for getting us here. I know I deserve credit too and I take credit for all I've done, but he's worked so hard for so long and he finally is getting to own a home and give us a place to settle for a while.

Mel

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iVillage Member
Registered: 03-26-2003
Tue, 11-30-2004 - 12:48pm
Did I miss something? This is his home and only his name is going on the deed...while you are going to help him pay off the mortgage? What are you, a renter? I am getting worked up for you...surely there's something I'm missing that's making all of this fine with you.
iVillage Member
Registered: 04-21-2003
Tue, 11-30-2004 - 1:10pm

No, hon, it's alright. Here's why it's done this way...

I'm not employed, so there is no income that would help us out by putting me on the application. They would have put me on it if I had some income but I don't.

Another reason is that since my credit isnt great, it wasn't going to help us out in getting the house or any better of a deal, so the lender figured it was useless to use me at all. I'm not upset.

I've owned two homes in my life already so I have that history and if I ever needed it, I'd be okay. Plus I have an expensive car in my name only...the one I drive.

So I'm not helping Shane pay the mortgage at all. If I get a job later or if my credit improves some in the next couple of years, when we refinance, my name will be put on there then. We both consider this a 50/50 partnership. He makes the money and pays the bills while I make sure the bills get paid, the house stays clean and the errands are ran. I manage everything he has. It's really no different than a man or woman owning a home prior to getting married and the other person moving in once they are together. The spouse isn't on the deed, but they are contributing with money or some sort of effort. So it's not a big deal for me. If the lender thought it was a good idea, I'd be on there and Shane fought to get us both on the application. But I really couldn't help us get the house, so it was pointless to include me.

Mel

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iVillage Member
Registered: 04-02-2003
Tue, 11-30-2004 - 1:10pm

Just chiming in to say I have a similar situation. I purchased my house in my name only because my SO's credit was too low at the time to qualify. His credit is wonderful now, and the plan is that we will refinance in a couple of years and add him in. Regardless, when we marry my house will become community property.

I am not sure of the reasons why Mel chose not to be on the deed, but I believe Texas is also a community property state, so Mel has stakes in the house through her marriage to Shane...unless she has signed some sort of post-marital agreement that says otherwise.

congrats on the house Mel!

iVillage Member
Registered: 04-21-2003
Tue, 11-30-2004 - 1:29pm

I have signed nothing that gives me no rights, so it is just as much my house as it s his. And you're right, we are a community property state, so it's not like he can just kick me out if he chose to.

When credit or no income is an issue, it really is pointless to add a person to the deed if they can't help you get the house any quicker or get a better deal. I really hate that I couldn't be added but not because I just have to have my name on there. It's because I wanted to be able to help and knowing his credit is bad, I wish mine was still as flawless as it used to be. I could have helped him out LOADS even without income because I had such a wonderful credit score, but my single days took their toll on me and I got behind. I didn't make enough to cover what all I had and I had to push things aside and pay as I could. So here I am, fighting the daily calls because I'm still behind on a couple of things. Of course I'll be back on track once we get the tax money. We plan to pay off one MAJOR bill I have and get me current on the other couple I need to work on. Even paying on time each month has not gotten me current on all of it, but I've worked on it at least. Unfortunately, the calls still come and I have to avoid the phones.

I'm glad you understand what we're doing here. And like you said, we will refi and add me later.

Mel

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iVillage Member
Registered: 03-25-2003
Tue, 11-30-2004 - 1:35pm

You don't have to be on the mortgage to be on the deed . . . .

Congrats to you and Shane, Mel! I'm thrilled for both of you! When do you get the keys? When are you moving????

iVillage Member
Registered: 04-21-2003
Tue, 11-30-2004 - 1:44pm

We are moving next weekend and pretty much starting to move some stuff in the middle of next week. They aren't out yet, but have packed up a lot and will be out soon. Our lease is up on the 11th, so we have really until then to get done and since I'm writing a check tomorrow for 11 days, we plan to keep the keys to this house until then no matter what. I think we will get the keys in a few days to the new place. They are buying another house, so they are anxious to get done and into their new place too.

I'll post some pics of the place as soon as I get it done the way I want it. It needs very little to make it my own. Just a couple of buckets of paint and our pics on the walls. Otherwise, it's perfect. Okay the hall bathroom is ugly, but it's in the plans to be fixed later. Not a matter of life and death here. LOL!

I'm thrilled. It's going to be so exciting to have the place.

Mel

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iVillage Member
Registered: 03-20-2003
Tue, 11-30-2004 - 2:04pm

I am so excited for you Mel!!!! I can't wait to see pictures, and.....


I CAN'T WAIT FOR MY TURN!!!


I am dying in my little apartment. I need something to do. Walls to paint. Curtains to make. Landscaping and garden to plan. We need SPACE and above all....Jason needs a stinking garage. ;)

Becky

Becky

 

 

iVillage Member
Registered: 03-26-2003
Tue, 11-30-2004 - 3:05pm
If you're happy, then I'm happy...CONGRATULATIONS!!!
iVillage Member
Registered: 03-26-2003
Tue, 11-30-2004 - 3:16pm
There are only seven community property states in the union...we know Texas and CA for sure...what are the other five I would consider moving into? You're right about Mel, unless she signed a premarital contract...this house/mortgage is 1/2 hers regardless of what the paperwork says.
iVillage Member
Registered: 04-21-2003
Tue, 11-30-2004 - 5:07pm

I think the Three Stooges are handling our closing. Dysfunction at it's finest. The underwriters conveniently forgot they needed a copy of our earnest money check to show when it cleared so that puts us off until tomorrow morning at 8.

I'm glad we aren't moving until next week because we originally planned to take possession at closing and if we kept that plan, we'd be screwed right now. All our stuff would be packed and ready to move today and we'd be in a hotel.

It's been such a bumpy road from day one. First me alone looking at houses and trying to narrow it down to places I felt Shane would like to see and taking a deep breath every time he walked into one I chose. Then finding the one and wondering if his credit would carry us far enough to even get it. We make the offer and low and behold an hour after ours goes thru, another offer goes thru that's better so the homeowners have been able to railroad us into doing things we didn't intend on, nor could we really afford to do in order to get the house. But here we are. We managed to get it done, we tightened our belts and we were able to pay bills and not much else. All to get to today and to be told last minute, of course, that closing is postponed til tomorrow morning.

It's just frustrating. Let's hope that they get it together tomorrow morning and we can just get this done.

Mel

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