Help! Bank told DH he CAN’T put my name on deed without reFinancing
Forums:
When we married I moved into DH house. Now DH and I want to put my name on the deed to the house. BM is this controlling money grabbing b@tch and if anything ever happened to DH she would have me out on the street. Also I’m thinking if down the road I decide I can no longer take this circus I’m living in I would want the money I put into the house.
So DH called the bank and they told him he would have to Refinance the house if he wanted to put my name on the deed. We don’t want to do this as it will cost thousands plus the rates are higher now. All we want is to put my name on the house.
I can’t be the ONLY person here that moved into a partners house. How did you solve this problem?
Someone correct me if I'm
Someone correct me if I'm wrong but the deed and mortgage are two different things. You can be quitclaimed onto the deed, but not be party to the mortgage. If you were going to be added to the mortgage, then you'd have to refinance. But if you do quitclaim without refinancing and your DH is unable to pay the mortgage, the bank will come after you to pay up the total left on the mortgage.
Interest rates are below 3% right now in the US. I can't imagine that you got the mortgage for a substantially lower rate than they are right now, and closing costs shouldn't be horrendous.
That’s what I thought too BUT
According to the bank no. They are saying me to be added onto the deed DH would have to Refinance which makes NO sense as they really have nothing to do with each other
Did you hear the bank
Did you hear the bank representative say that? Or is that what your husband told you?
The bank does not get to decide who is on the deed nor do they care. Contact an attorney.
If I were going to change the
If I were going to change the deed, the bank would not have been my first call..The deed is a legal document. I would have called a lawyer.
The bank is looking out for the bank's interest. They make money on mortgages. It is not in their interest for the deed to be changed. It is in their interest to refinance the mortgage.
A lawyer would look over the mortgage and check its terms (in case there is something there that precludes a deed change). With a lawyer you can be sure that the filings are correctly made. Yes, there will be a charge, but this is something you want done correctly.
And while you are at the lawyers revise or get wills that specifically mention the house.
Banks have nothing
Banks have nothing to do with deeds. What they do have a lot to do with is mortgages and refinancing. Of course they would say that! The person who told you that probably even believes it. Call an atty or the Recorder of Deed and ask them what you need to do to add a person to a deed.
Anybody can be added to the
Anybody can be added to the actual deed, has nothing to do with the loan or the bank. Contact the title company or whatever is appropriate for your area.
If he talked to the bank, they are maybe misunderstanding what he wants to do, thinking he wants to add you to the actual loan.
BM is this controlling money grabbing b@tch and if anything ever happened to DH she would have me out on the street.
Wait, is BM on the loan and the deed? How would she have you out on the street if anything happened to your DH?
No BM is NOT on the loan or deed BUT
DH has two minor children with the old hag so I’m sure she would try and get the house “for the kids” if anything happened to DH
I'm sure she would try and
I'm sure she would try and depending on your state laws, she might succeed, as they would be his next of kin and she their guardian. Not sure how that would work with real estate.
He absolutely can have you added to the deed without re-financing. He can (and should) also make a will but adding you to the deed would be better, the house wouldn't have to go through probate.
We're refinancing now
And DH will be the only one on the mortgage, but the deed has both of us on it. My XH held the mortgage on my old house, and he had to do a quit claim to take himself off the deed--while he was still on the mortgage. That was actually my mortgage guy's suggestion...
All you need to do to change the deed is find a decent real estate attorney in your area who will make it so. It should cost you no more than a few hundred dollars, and if you or your DH do pre-paid legal at work, it would likely be covered under that plan.
Unless it varies by state that's not true
I am on the deed but we did not refinance so I'm not on the mortgage yet...maybe soon with the better rates.
Your DH misunderstood or is lying.
Not true
Deed to house is on file with some government organization. Who records deeds in your location. My case it was the town. You can go to that government place and change the name on the deed. Most likely have to pay a fee to record it. Plus some tax type of fee. Problem is to get BM off of it if she is on the deed. She owns one half of the house. You may have to paid her to get her to ok the name change. Her giving up her rights to that property
if BM is on the deed refinancing the house will do no good. She will Still own 1/2 the house
The deed and the mortgage are 2 separate things
First I didn't see your reply were you present when he called the bank and heard him ask that question? I am sorry if I am wrong but it could be his way of not adding you to the deed maybe thinking you might leave and he would have to give you half.
It is true in most states that if he died without a will and you were not on the deed, that the house could and probably would go to his heirs, his kids and BM could push all that. I had the same fear myself years ago. However also in most states you can not disinherit your spouse. With that said again in most states if there is no will or not otherwise stipulated a spouse is entitled to the first 50,000 of their deceased spouses estate.
Also even if the bank did tell him that, it is most likely incorrect information in all states. The bank would Iikely do that because you would own part of the house and if the deed read the property was owned jointly with right of survivorship, it would automatically pass to you and you would not be responsible for the mortgage. However his estate would be and so depending on who the executor was, his estate would pay off the mortgage, so the bank might tell you that to look out for their interest.
This does not pass the smell
This does not pass the smell test. I would call a lawyer. The mortgage and deed have nothing to do with each other ... other than the mortgage company has a lien on the property until the mortgage is retired at which point the deed is clear if no other leans are present. However, since BM has no interest in the home or the mortgage DH may be able to take care of this via his Will and not have to do anything with the Deed or the mortgage. He can specifically disposition the home to you in his Will. He can deal with all of his assets via his Will and pretty much cut any ability BM has to manipulate upon his demise.