M M asked:


We got married in 2006. In 2007, my mom-inlaw refinanced the house & put my husband’s name on it (in short, they joint home loan mortgage). I was not in the loan & they let me signed an Inter-Spousal Deed Agreement. Bcoz of mom-inlaw conflict, my husband & I were planning to buy a house, but for 2-mortgage brokers that we went through, they told us that we can’t be approved with any loan bcoz: My husband have a joint mortgage with his mom (but he’s not on the title). The loan balance as of now is $242,685 (originally $250,000). He also has a joint installment with a monthly payment of $131. Since we can’t get a loan, we were thinking of renting a house for now just to be separated from his mom. But, since we will rent & pay for it, we won’t be able to give money to his mom to pay the house… meaning there is a high chance that it will go into foreclosure bcoz mom-inlaw can’t pay for it — she is retired & only have less than $1000 of income (house payment is $1700/month). This will definitely affect my husband’s credit rights? Am I going to be affected too? (I don’t have a credit yet bcoz I just came in the US 3yrs ago, & I’m a full time student & I don’t work yet).

My husband have a good credit history on his credit cards, & since I don’t have a credit yet, we were thinking that he will include me in his 2-credit cards for me start. But, if they will go into foreclosure & his credit score will go down, am I going to be affected as well even though I was excluded in the mortgage? We were planning to build my credit bcoz if in case they will go into foreclosure, we both want to make sure that in a few yrs. we can buy our house under my name.

Any good advice from knowledgeable person regarding these matter? Thanks in advance.
*** I’m trying not to say anything to be safe. *** (corrected from above)
Buying the house out from mom-inlaw is a good advice, but the things is mom-inlaw don’t want that to happen bcoz she dosn’t want to give-up the house, even to us, bcoz she wanted control. She even lied to my husband before they refinanced the house. My husband thought that he was in the title deed, & later on we found out that the house was only in her name. he just used my husband to co-sign her for the mortgage bcoz she can’t qualify herself. That’s one of the reason my husband got mad bcoz she lied. For both us, it’s not about who’s on the title, it’s about honesty & respect. And now, mom-inlaw is telling everybody that if not to her we were nothing, & that’s not right! She even lied to everybody that am doing or talking to her badly, when the truth is I don’t speak to her bcoz I’m trying to say anything to be safe. Still, it gets worst.

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