[cindybc]

My husband and I are trying to refinance to reduce the mortgage on our house. However for us to get a lower interest rate my name will be on the loan only. My name and my husband's name will still be on the deed. We live in Mississippi. What are the implications if 1) there is a divorce and I cannot avoid to keep the house? Can my husband stop me from selling the house and I am at risk of destroying my credit?

[s_cianci]

With the mortgage in your name only, that makes you solely responsible for the loan. However, with his name on the deed your husband is a co-owner of the house. I don't know about Mississippi specifically but in most states a marital home is considered a marital asset and, as such, both spouses have an equal right to the equity in it, even if only one name is on the mortgage and/or deed. So, to that end, if you were to default on the loan, your credit would be affected but your husband would lose his interest in the home the same as you would. With his name on the deed you would not be able to sell it without his signature ; however, it may be possible to get a judge to order it to be sold if he objects, especially if he doesn't have the means to assume the mortgage in the event of a divorce and you wanting to wash your hands of it.