Buying home in New Jersey. Husband only on loan, although unemployed wife will be on deed/title. Is wife protected if, on re-cast, puts money in?

Asked by Mememe777, Trenton, NJ Wed Oct 20, 2010

My husband and I are buying a home in NJ. I am currently unemployed and own a home of my own and he also owns another home where his emancipated children live. How should we be listed on the title/Deed of the new home? Jointly? Are title and Deed the same thing? Further, when I sell my home I will be putting my equity (money) into the new home doing a "re-cast" option allowed on the loan. I need to protect myself just in case of divorce - when I deposit my money from the sale of my home into our joint account, that we will be setting up, who should I make the check out to, my husband? Or, should I deposit the check into my personal account first and then write the check directly out to the mortgage company? Would you also know if deed is in both our names, does he have authority to change that if he is the only person carrying the loan? Thank you very much!

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Lisa Cannata, Agent, Falmouth, MA
Thu Nov 11, 2010
CYA.......very inmportant when making such a major purchase and one that may involve children from a prior marriage should your husband pass. All things need to be considered. Start with a really good Real Estate Attorney and dot all your i's and cross all t's. You need to be able to sleep well at night. LOL
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John A. Falco, , New Jersey
Thu Nov 11, 2010
Don't forget a home inspection! I cover all of New Jersey and I am available seven days a week. In addition to the home inspection, I do radon testing and termite / wood destroying insect inspections.

John Falco
FHA Home Inspections, Inc.
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Robert Bruno, Agent, Millstone Twp, NJ
Fri Oct 22, 2010
You need your own attorney in addition to the attorney who will handle the transaction for your husband.

And you need him or her before you put in any money. These are complicated legal issues and with so much money at stake, don't be foolish. Get yourself a good real estate attorney now. Ask for referrals from friends who have bought/sold real estate.
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Diana Perez, , Bernardsville, NJ
Wed Oct 20, 2010
Hi Mememe,
It's always best to consult with an attorney on these matters, but as far as I know, NJ has "no fault" divorce, which would probably result in the splitting of assets. The deed is a separate document from the mortgage and needs both signatures to be changed. As far as logistics, it's good to create a clear paper trail.
Take Care,
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Kim Tokar, Agent, Langhorne, PA
Wed Oct 20, 2010
Hi Mememe,

It really does not matter if you are or not. Since you are married and this is the marital residence you automatically become 50% owner of the property. Now if the mortgage person suggests that you stay off then you should stay off.

If you do stay off the deed/title and use the proceed from your other home you can still use it as a downpayment.

For all your other questions I would recommend consulting a attorney about protecting your assets. Feel free and call Laura Kozma, Esq.. She is a real estate attorney that I use all the time and she will be happy to answer any of your questions without charging you a fee. Her number is 609-208-1301.

Hope this helps,

Joel Gruenke

Oh, and by the way, if you need an agent feel free to drop me a line.
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