Posted on: 28th Jul, 2009 04:45 pm
My wife and I live in MD, and we own our home there. My name is on the deed and the title.
We plan to sell the house in MD and move to Dallas. We are planning to purchase our home in Dallas. Dallas is a community state, so my wifes name is on the deed too.
My wife has cosigned for friend on their home in MD. My concerns:
1. What happens if the friend defaults on their home, will it affect us, since my wife will
be on the deed on our new home in Texas
2. Is there a way for my wife to reliquish her right on the property after we close so the property is totally in my name
3. If her friend defaults for some reason, it will not affect us
We plan to sell the house in MD and move to Dallas. We are planning to purchase our home in Dallas. Dallas is a community state, so my wifes name is on the deed too.
My wife has cosigned for friend on their home in MD. My concerns:
1. What happens if the friend defaults on their home, will it affect us, since my wife will
be on the deed on our new home in Texas
2. Is there a way for my wife to reliquish her right on the property after we close so the property is totally in my name
3. If her friend defaults for some reason, it will not affect us
Hi pmathew,
As your wife has cosigned for the friend's property she will become liable to pay the mortgage dues if her friend defaults. If she is unable to pay, then your new property can get affected. Your wife can relinquish all her right to your new property by signing an interspousal transfer deed. In that case, the new property will be safe if her friend defaults on the mortgage payments.
Thanks
As your wife has cosigned for the friend's property she will become liable to pay the mortgage dues if her friend defaults. If she is unable to pay, then your new property can get affected. Your wife can relinquish all her right to your new property by signing an interspousal transfer deed. In that case, the new property will be safe if her friend defaults on the mortgage payments.
Thanks
I have one more question, does the interspousal transfer deed apply in the state of Texas. Additionally since the mortage is in my name, so the will the lender have any problems.
Hi Guest,
It would be better if you could contact your county recorder's office and get to know whether the interspousal deed is valid in Texas. I don't think the lender would have any problem as the mortgage is in your name.
It would be better if you could contact your county recorder's office and get to know whether the interspousal deed is valid in Texas. I don't think the lender would have any problem as the mortgage is in your name.