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    Beejroberts's Avatar
    Beejroberts Posts: 2, Reputation: 1
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    #1

    Oct 7, 2010, 12:21 PM
    Adding a 4th person on mortgage
    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.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #2

    Oct 7, 2010, 12:26 PM

    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?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Oct 7, 2010, 12:34 PM

    Agreed, this will not affect ownership nor will most lenders be interested in doing this.
    Beejroberts's Avatar
    Beejroberts Posts: 2, Reputation: 1
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    #4

    Oct 7, 2010, 12:35 PM

    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..
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Oct 7, 2010, 01:49 PM
    Quote Originally Posted by Beejroberts View Post
    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..
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Oct 7, 2010, 03:28 PM

    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
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