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mary g | If I was to refinance the homes into my name- would I be on the title of the home? If not what do I need to do |
My husband and I just got married - 8 months ago....we lived together 6 years before getting married. We purchased a few homes in his name...the existing mortgages are in his name. His credit is in the toilet now due to irresponsible/lazy choices he made right before we got married- like not paying bills on time. We now need to refi - and it was suggested to do it in my name. Would I have entitlement to the house if something was to go wrong- or would I just be stuck with a bunch of payments on a house which is not mine? If I am stuck with payments - how do I get myself on the title as well? thanks :) |
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mudd_grip
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You can own the house and not be responsible for the payment if you are just on the deed of trust. If you are refinancing the house and you are on the loan then you will be responsible for the payment if you are not on the deed of trust then whoever is, that is who the house belongs to regardless of who is paying for it. If you call a Title company they can help you get it all correct so you are not paying for something that you cannot lay claim to. |
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queenmelosa
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First off, in order for the bank/mortgage company to loan you the money you will have to be in title on the property. Simply put, they aren't going to loan you money on something you don't own. So, in order for the bank to do this refi in your name, you will have to be put on the title (normally this is done with a Quit Claim Deed). Secondly, most lenders will require that the spouse sign the mortgage or Deed of Trust or a Homestead Waiver regardless of whether they are on the loan or not (i.e. not signing the note and not liable for the payments). This is to protect them in the event that you default on the loan. If your spouse hadn't signed and you defaulted, it could get very difficult for the lender to foreclose. Note, in most states EVERYONE that is in title on the property will need to sign the Mortgage/Deed of Trust.
As to your rights, you already have some. Since you're married now, you have what is known as "Homestead Rights". Granted, this varies from state to state, but generally, this is the case.
As to how you get yourself onto the title, all that you would need to do is have your husband quit claim to you. This is done with a Quit Claim Deed. I hope this helps, let me know if I should clarify any of this (this stuff gets so picky sometimes!). |
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John Corey
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You did not say where you live. The answer will be different in different states or countries.
Some general comments.
You can not get a loan secured by a property you do not own. Hence you would need to be on the title for the property.
You are married. In some states or countries it is a bit difficult to own a property where your spouse does not automatically have to go on title. Because of that some lenders will want him on title also. Note that it is not impossible. Just more work and maybe fewer lenders to choose from.
Why do you need to refi now? Is there any way to get the other bills sorted and then refinance?
You need to have a talk with your husband about the bills. Obviously you two have been a couple for some time. Maybe he did not realize the impact of his choices and how they affect you. Otherwise he needs to agree to do better as not paying is not a good choice. |
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mortgage help
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if you need your income and credit to qualify, then you will also be on Title. no worries. |
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Bear
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It depends on the state you live in and how you refinance. Do a google search for dower rights in your state. Contact a seasoned mortgage broker to help you find the best deal. A good mortgage broker will be able to offer numerous ways to accomplish what you are wanting to do. |
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Enchanted
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The mortgage has nothing to do with the title. You should be added to the title of the home BEFORE refinancing. Call your local county auditor or assessor's office and ask the procedure (each is a little different).
I strongly urge you NOT to refi before you have claim to this home. |
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Greg M
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It's a good question. No bank in the country will refinance under your name alone unless you are on the title. You have to be on title. In most cases, you can be put on title at the closing table (it will cost a little extra money). However, some banks have 'seasoning' issues. Meaning, they will not refinance in your name only if you haven't been on title for a certain period of time. Those can usually be resolved by showing a 'vested interest' (proof that you have been making mortgage payments as well as your husband, usually done through cancelled checks). Another thing to take into consideration is the mortgage history on these properties. Just because your credit is good, doesn't mean you will get a great rate because the bank takes the previous mortgage history into consideration when calculating the rate. If the mortgage has lates on it (meaning your husband made the payment more than 30 days after it was due), it will affect your rate. You can also be put on title prior to refinancing should your bank request that. It is called a quit claim. You need to have this document drawn up and recorded at your county clerk's office. Other banks may also have issues with it unless you are disclosing your income. If you need to go through a 'no income verification' program, lenders usually want more 'seasoning' on title. Your best bet is to be approved through a Freddie Mac or Fannie Mae program. They do not require seasoning if you are showing your income. However, the mortgage history needs to be somewhat clean. These programs can be strict. As you can see, it is not something that can be answered easily, b/c every person's situation is different. Depending on what state these properties are in, I can help you do this. Thanks! |
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ogrendle
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Question for a lawyer. Not here. |
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boston857
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No. The loan would be in YOUR name but title remains in his name...you get stuck with the pymts if something happened. Easy fix is to add your name to the title.... |
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r_castro2002
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I am an account executive, loan officer, or whatever you want to call my position. If you purchased the property only under his name, and hes the only person on the title, then it can get tricky. Your rate would probably not be the best depending on his credit. Since he was the only one on the original purchase contact, you would have to refinance with him as the main borrower and you as the co-borrower. If you didn't want to go that route, then he could refinance in his name alone, and put you on the title. Either way you intend to do it of these two ways, you will legally own 50% of the property. |
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