My wife and I own a resort home with my brother-in-law. We bought it when he was single. We each own a third of property according to th edeed. Now that he is married, he wants to add his wife's name to the mortgage. Does that effect the split of owenership or do they still only own one third?

We were not planning on changing the deed.

It would not affect ownership.

But your sister-in-law would be foolish to agree. Does your wife's brother have any idea why he thinks adding his wife to the mortgage would be desirable?

Agreed, this will not affect ownership nor will most lenders be interested in doing this.

Her income is higher and we are refinancing the mortgage. He thinks there is a better chance of getting approved. I don't like the idea of her having any legal right to the property. I like her and all but, you know things change..

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Originally Posted by Beejroberts

Her income is higher and we are refinancing the mortgage. He thinks there is a better chance of getting approved. I don't like the idea of her having any legal right to the property. I like her and all but, you know things change..

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If you do refinance the mortgage with her added, the time to add her would be at the closing of the refinance package, not now.

You can have an attorney do a new deed where the couples share will still be a 1/3 by the wording on the deed