Posted on: 30th Dec, 2007 09:56 am
my husband and i will be married 2 years the end of january, when we married he has a single family home that he and his deceased wife purchased together in the state of maryland in 1996 - which he and i currently live in now.
the title and deed is in his name and his deceased wife name. my husband cannot afford to keep paying the mortgage due to bad investments and extremely poor money management, so every 3-6 months i've had to bail him out of almost losing his home to the bank in "foreclosure". he is in the same predicament now and he needs over 10 thousand dollars this time so he can get things back on track. i told him that i will not bail him out of this mess again unless he signs a "quit claim deed" to add my name to the deed of this house. he states that because i have some credit issues (due to bailing him out of his financial messes), if he adds my name to the deed and goes to get refinanced once he gets thing back in order financially, no mortgage company will refinance him if my name is on the deed. is this correct also, i have a townhome in another city in the state of maryland that has been on the market for sale over a year - due to me assisting him with the mortgage in his home - i got behind and had to file a chapter 13 to keep my townhome out of "foreclosure" until it sales - i now have a contract on my townhome-i am waiting for the bankruptcy court to approve the sale. do you advise me to keep dumping my savings into his home without my name being on the deed?
the title and deed is in his name and his deceased wife name. my husband cannot afford to keep paying the mortgage due to bad investments and extremely poor money management, so every 3-6 months i've had to bail him out of almost losing his home to the bank in "foreclosure". he is in the same predicament now and he needs over 10 thousand dollars this time so he can get things back on track. i told him that i will not bail him out of this mess again unless he signs a "quit claim deed" to add my name to the deed of this house. he states that because i have some credit issues (due to bailing him out of his financial messes), if he adds my name to the deed and goes to get refinanced once he gets thing back in order financially, no mortgage company will refinance him if my name is on the deed. is this correct also, i have a townhome in another city in the state of maryland that has been on the market for sale over a year - due to me assisting him with the mortgage in his home - i got behind and had to file a chapter 13 to keep my townhome out of "foreclosure" until it sales - i now have a contract on my townhome-i am waiting for the bankruptcy court to approve the sale. do you advise me to keep dumping my savings into his home without my name being on the deed?
Hello Roz,
I think your husband is actually worried about the Ch 13 bankruptcy that you have filed.
When did you file the bankruptcy?
If he signs a quit claim deed to add you to the title of the property then I don't think it will be a problem. He may refinance the mortgage in his name only so that you are not responsible for that. The lenders will not have problems to that if your credit is not a matter of concern for the mortgage.
I think your husband is actually worried about the Ch 13 bankruptcy that you have filed.
When did you file the bankruptcy?
If he signs a quit claim deed to add you to the title of the property then I don't think it will be a problem. He may refinance the mortgage in his name only so that you are not responsible for that. The lenders will not have problems to that if your credit is not a matter of concern for the mortgage.
Hi,
Ch 13 does not include your assets and properties. So even if you are added to the title of the property that will not be a problem.
Ch 13 does not include your assets and properties. So even if you are added to the title of the property that will not be a problem.
Hi Roz,
Welcome to the forum.
Your husband can add you on the deed but he may be a bit worried about your credit. As your credit is low he thinks that he may be not approved for refinance. But that is not the fact. He can refinance the mortgage on his name. So there should not be any problem to add your name on the deed.
You can consult with an attorney in this regard.
Best of luck,
Larry
Welcome to the forum.
Your husband can add you on the deed but he may be a bit worried about your credit. As your credit is low he thinks that he may be not approved for refinance. But that is not the fact. He can refinance the mortgage on his name. So there should not be any problem to add your name on the deed.
You can consult with an attorney in this regard.
Best of luck,
Larry
Your best bet is to have him sign a promissory note for all money you lend him that is secured by a deed of trust on the property. You can find these forms on the internet. Record the deed of trust in the county where the property is located. Also check with the first mortgage to make sure you can do this.
Being on title will not affect your husbands ability to refinance. Just because you are on title does not mean that you have to be on the loan.