Posted on: 12th Jul, 2008 08:31 am
My husband and I were at the time of a purchase of a home. it is a duplex. My husband obtained the mortage in his name only. Not because he didn't want me on a mortage but because we had another home in another state that i was in the process of selling and packing and would not be avalibale for a closing. He also gave his parents life residence of the other side of the duplex. My question is Can my name be added to the deed of the house even though i am not on the mortage? If my name is not added in the event of some thing happening to my husband what rights do i have to the house and with dealing with the mortage company?
Welcome Norwell,
Changing the names on title can have repercussions as far as the loan is concerned. Check with the lender to find out if the mortgage could be called due & payable. You might consider refinancing the loan & change title then.
Also you might want to consider consulting an attorney to see about setting up a will or a trust in the event something were to happen to either of you to protect the property.
Since the property secures the mortgage even with your name not on the loan you will still have to make the payments or face the possibility of losing the duplex...the lender has a right to the proceeds or the security no matter whose name is on the title :!:
Changing the names on title can have repercussions as far as the loan is concerned. Check with the lender to find out if the mortgage could be called due & payable. You might consider refinancing the loan & change title then.
Also you might want to consider consulting an attorney to see about setting up a will or a trust in the event something were to happen to either of you to protect the property.
Since the property secures the mortgage even with your name not on the loan you will still have to make the payments or face the possibility of losing the duplex...the lender has a right to the proceeds or the security no matter whose name is on the title :!:
adding your name to the title of the property would seem to be a benign sort of action. i should think the lender isn't going to be particulary concerned. as lynnette mentioned, though, you ought to contact the lender to get their approval - you don't want them calling the loan due on you.
as for your husband's parents life-use of the other side of the duplex, at this time you're not protected unless he has already considered that in a will, for example. lynnette is again on-point in suggesting you consult with legal counsel to take care of this matter.
as for your husband's parents life-use of the other side of the duplex, at this time you're not protected unless he has already considered that in a will, for example. lynnette is again on-point in suggesting you consult with legal counsel to take care of this matter.
First husband died about 24 yrs ago. Have been married for 17 yrs. to new husband who has never been added to my home title, however pays all taxes, loans to upgrade home. What do I do to add him to the title of my home, in case any thing would happen to me. I don't want him to be homeless.
sue, the easiest solution is to simply add him to title along with you by way of a quit claim deed. i assume it's safe to say that the title is currently held in your name only, right? if that's the case, this ought to be a simple transfer.