Question about buying a house

[Sue]

I'm going to take advantage of the diverse population on this board and try to get some feedback on buying property.

We live in MInneapolis, and my husband and I are thinking about getting together with his mom and buying a duplex. Corey has been to some mortgage brokers, and they are basically telling him that my credit sucks, but that if we left me out of it, Corey and his mom could still qualify. I have agreed that this is fine, as long as my name can still be on the title of the property (I'm just trying to protect myself) as one of the owners.

However, come tax time, can we still file jointly as husband and wife, even though only his name is involved with the mortgage, but the house will be involved in our tax filing?

[Lulu]

This happened to us when we bought our house. Hubby still had the remnants of a long ago bankruptcy, so we financed solely on my credit. Because Texas is a community property state, no matter who bought it, financed it, etc. ANYTHING purchased during the marriage is community property, jointly owned by both parties. I would have to look to see if his name is on the title or deed - I don't remember. But I do remember making the comment about me owning the house, and the attorney there reminded me that's jointly owned, even if only my name is on the mortage and the papers. And we do file our income taxes jointly, even though only my name is on the mortgage.

[jtm1631]

There is no issue with only one spouse being on a mortgage and deducting the mortgage interest on a joint income tax return. This is the way my property is set-up because my wife does not work outside the house. Before you all jump down my throat she works her ass off raising the three kids.

Illinois is also a community property state, but despite this my wife is specifically listed on the title for the house. Being on the title meant she had to sign some of the documents at closing, but nothing relating to the mortgage. I used an attorney for our closing, but it was rather routine to have only one spouse listed on the mortgage but both spouses listed on the title.

Hope everything works out for you.

[Sue]

Thanks guys! Then I don't forsee anymore problems with that end of the whole deal. Now I just have to hope that we can find something in our price range that is acceptable and in an acceptable neighborhood. That's a whole new issue....

[Nerak936]

Sue: First of all, I wish you the best of luck in finding a place. How exciting!!

Secondly, are you buying this for income property? If so, and if you need, I'd be happy to e-mail you my boilerplate tenancy-at-will agreement, inspection forms, first/last/security deposit forms, etc. I got a baptism-by-fire in being a landlord back in '99 when I inherited a 6-unit apartment house (where I also live).

Soon I'll be posting to ask for advice in buying a single-family house for me so I can get the hell outta here!!

[tommy]

My name was on our first motgage but Donna was on the title with me....