Posted on: 17th Jan, 2012 12:14 pm
guys - i bought a home 2 years ago and getting married next month. my wife would begin to share 50% of mortgage payments after marriage.
1) what do i have to add her name too and do i add it to the deed or the title or any other docs? i hope i don't have to refinance
2) also, in an 'equitable distribution state' like the one i live in, i believe the down-payment and 24 mortgage payments that i made are protected from 'equitable distribution' should the marriage go south. can someone confirm?
thanks
1) what do i have to add her name too and do i add it to the deed or the title or any other docs? i hope i don't have to refinance
2) also, in an 'equitable distribution state' like the one i live in, i believe the down-payment and 24 mortgage payments that i made are protected from 'equitable distribution' should the marriage go south. can someone confirm?
thanks
you can add her to title via quit claim deed, but you cannot add her to the mortgage. you would have to refinance for the mortgage to be in both names. for the divorce question, that would depend on your specific states statues and how long you are married etc. consult a local attorney to answer that.
Welcome Guest,
It will be better if you could add your wife's name to the title as she will be getting ownership rights to that property. You will have to refinance the mortgage only when you wish to add her to the mortgage docs. As the above poster has mentioned, divorce laws may vary from state to state. So, you need to contact an attorney and he might provide you the required information in this matter.
It will be better if you could add your wife's name to the title as she will be getting ownership rights to that property. You will have to refinance the mortgage only when you wish to add her to the mortgage docs. As the above poster has mentioned, divorce laws may vary from state to state. So, you need to contact an attorney and he might provide you the required information in this matter.
A spouse is not added to a mortgage. If the spouse already owns an interest in the property through deed or community property, then the spouse is subject to the mortgage, regardless of whether or not he or she signed it.
However, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause.
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However, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause.
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