Posted on: 14th Jan, 2010 08:33 am
My husband & I have a mortgage on our home and we would like to add my daughter with survivor rights.
This way she can continue to live/own the property if something should happen to us. My daughter is 20 and we have 2 younger children. We would like them to always have a roof over thier heads
Can we add her through our mortgage company or will we need an attorney.
This way she can continue to live/own the property if something should happen to us. My daughter is 20 and we have 2 younger children. We would like them to always have a roof over thier heads
Can we add her through our mortgage company or will we need an attorney.
adding your daughter to title is not something that the mortgage company would have a hand in; they're only about your loan. keep in mind, though, that if you do make her an owner of the home, that the mortgage company would desire for you to refinance the home at that point. transferring title in any way will trigger the "due on sale clause" in your mortgage - in other words, you'll have to pay it off. effectively, what you can do is refinance with that or any other lender in all 3 names.
of course, if you are quiet and the mortgage company doesn't discover this third owner all of a sudden, you can probably continue on your merry way - just don't miss any payments.
as for the paperwork necessary, you can do this yourselves if you so choose - that is, if you understand what you're doing and you're comfortable. it's not that much. or you can engage an attorney's assistance, and this is what i'd advise if you want to go over any other ramifications of doing this. that'd be the conservative approach.
of course, if you are quiet and the mortgage company doesn't discover this third owner all of a sudden, you can probably continue on your merry way - just don't miss any payments.
as for the paperwork necessary, you can do this yourselves if you so choose - that is, if you understand what you're doing and you're comfortable. it's not that much. or you can engage an attorney's assistance, and this is what i'd advise if you want to go over any other ramifications of doing this. that'd be the conservative approach.