what are the pros and cons of having wife on title but not on home loan in Missouri?

Asked by Davetv, Hannibal, MO Sun May 20, 2012

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Mike Papanto…, Agent, Arvada, CO
Sun May 20, 2012
As real estate agents, we are not qualified to answer that question. The correct advice to you is to contact an attorney. Real estate agents shouldn't be advising you at all on this question.The best thing you can do is ask an agent for names of real estate attorneys or use your own attorney.
Good luck with that.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sun May 20, 2012
Generalizing may not help your specific reasons for asking this question.
You should consult an attorney.
0 votes
Dale Weir, Agent, Chesterfield, MO
Sun May 20, 2012
The state of MO is a marital rights state - you have NO OPTION about having your wife on title.

Have your loan officer run the numbers together and separately. Then based on how the numbers work out, go with the best option for the loan. I have a number of clients who have only one spouse on the loan and it has never been an issue.
0 votes
Monica Brewer, Agent, Saint Louis, MO
Sun May 20, 2012
It really depends. If she is not on the loan because of credit score issues then this is a great solution to own your home. If anything happens to either of you, the other one has the house and it does not go to probate (as long as payments are made or it is owned). There are more pros and cons but those two items seem to be a large factor.
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