Posted on: 14th Jun, 2010 10:54 am
Hello my boyfriend and I bought a home after 5 yrs we just refi, but because of my credit I am not on the mortgage can I be on the deed??
Hi Guest!
Welcome to forums!
Your boyfriend can sign a quit claim deed and add your name to the property deed. However, it is a better option to contact the lender and inform him about the same. If he has any objections, he'll let you know.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your boyfriend can sign a quit claim deed and add your name to the property deed. However, it is a better option to contact the lender and inform him about the same. If he has any objections, he'll let you know.
Feel free to ask if you've further queries.
Sussane
Hi,
You can always be on the property deed even if you are not on mortgage. However, it depends solely on the owner of the property. Tell your husband to sign a quitclaim deed and add your name to the property deed. You can consult with a real estate attorney to get detailed information.
You can always be on the property deed even if you are not on mortgage. However, it depends solely on the owner of the property. Tell your husband to sign a quitclaim deed and add your name to the property deed. You can consult with a real estate attorney to get detailed information.
If you are added to the deed after closing, which it appears you are looking to do, you could trigger the due on sale clause and your boyfriends loan could be payable in full immediately because you are changing ownership of the property.
If you were on the deed when the purchase occurred, but not on the Mortgage nor the Note, the lender would have had you sign the mortgage, not because you are responsible for payment (you would not sign the Note) but to give up your right in the event of foreclosure.
If you are now added to the deed, you have changed ownership and have not signed the Mortgage to give up your rights in the event of foreclosure and because that is fobidden in the terms of the mortgage, you have technically triggered the due on sale clause for doing something that is forbidden.
To do a quitclaim deed depends on the lender and the terms of the mortgage.
Additionally, if your bad credit includes charge offs and judgements that could be made liens on the property once you have title, then you should not be on title anyway.
If you were on the deed when the purchase occurred, but not on the Mortgage nor the Note, the lender would have had you sign the mortgage, not because you are responsible for payment (you would not sign the Note) but to give up your right in the event of foreclosure.
If you are now added to the deed, you have changed ownership and have not signed the Mortgage to give up your rights in the event of foreclosure and because that is fobidden in the terms of the mortgage, you have technically triggered the due on sale clause for doing something that is forbidden.
To do a quitclaim deed depends on the lender and the terms of the mortgage.
Additionally, if your bad credit includes charge offs and judgements that could be made liens on the property once you have title, then you should not be on title anyway.
