Posted on: 10th Jan, 2010 12:01 pm
i bought this condo in 2007 (we were married and are still married), title is in my name, wife and i have a mutual understanding that we have kept our finance separate. the mortgage was with wachovia and my wife signed a quit claim deed, we got title insurance, no problem. i refinanced in feb 09, with wells fargo, bank did not ask my wife to sign any document, but the same title insurance company is refusing saying that i either sign an affidavit saying this is not marital residence or my wife get on the mortgage. neither of us want my wife on the mortgage, she is willing to sign a quit-claim (or other document giving up rights to the property), she does not want to be on the mortgage. we live in nj. recommendations ?
thanks..
thanks..
I am in NJ too. This is simple. She signs the affidavit. It is required because many spouses have cashed out equity from the family home without the other knowing about it. Signing the affidavit is all that is needed.
Well, the lawyer is asking me to sign the affidavit which states this is not the marital residence - whereas we both live here. Should I sign the affidavit or does she have to sign the affidavit ? The lawyer has put my name on the affidavit. Thx..
Welcome rhjaisingh,
If you and your wife mutually agree and do not want to declare the property as a marital residence, then you can sign the affidavit.
If you and your wife mutually agree and do not want to declare the property as a marital residence, then you can sign the affidavit.
This doesn't make sense to me. Wives have Dower Rights in Michigan and are always required to acknowledge a mortgage on their primary residence, whether or not their name appears on title- period. The only way I can see her NOT acknowledging when you bought the property is if you bought it as a second home or investment property. What matters NOW is that as long as she lives there as her primary residence, there is no QCD that will negate her dower rights.
In NJ, if it is the marital home, the wife signs the mortgage to give up her rights in the event of foreclosure. By signing, she is NOT responsible for paying the mortgage---one is responsible for paying the mortgage if signing the Note.
If it is NOT the marital home, she can sign the affidavit.
If it is the marital home, she can not sign the affidavit and she must sign the Mortgage---once again, only to give up her rights in the event of foreclosure.
She must sign one or the other, whichever is the truth.
If it is NOT the marital home, she can sign the affidavit.
If it is the marital home, she can not sign the affidavit and she must sign the Mortgage---once again, only to give up her rights in the event of foreclosure.
She must sign one or the other, whichever is the truth.
My brother and I are both listed on my fathers property who then passed away. My fathers house was used as collateral on a business mortgage which is now being foreclosed. My question is: Do our wives have any claim under dower rights on the property as they never signed on the mortgage or waived anything?
In the State of Michigan, is a wife required to the the mortgage and TIL if the property is in the husband's name only and the property is a second home.
As all the decisions might have been taken with understanding and the topic remains of signing an affidavit, so here it would be your wife signing it who then would have no share regarding any further dealings with the property