[irene_0ne]

My husband is the one who was paying our mortgage. He wants to put my name in our mortgage agreements or payments. How and what are the requirements and cost to put my name in our mortgage?

[Stardustgirl]

My husband is the one who was paying our mortgage. He wants to put my name in our mortgage agreements or payments. How and what are the requirements and cost to put my name in our mortgage?

I have some information for you, but it's not necessarily good news :(

My husband and I are in a similar predicament out here in AZ. When we drew up our wills, about a year ago, we asked the attorney if I could be added to the mortgage without making any waves. We have a very low interest rate, and did not want the mortgage company to re-do the loan. The attorney told us that we did stand a chance of them reevaluating the mortgage, since a change had been made, and even though my credit rating is very good, they could still choose to have us refinance because we changed the details of the loan. Needless to say, refinancing under today's interest rates would make a difference of hundreds a month !

It seems very unfair, but due to the circumstances, we've decided to let it go for now. I hope you find better news than we did.

Stardustgirl

[redeemed]

You could just add your spouse to the deed without changing the mortgage loan. Being added to the deed and mortgage loan itself is two different things. You can contact your title company and/or closing attorney for the best information on doing this.
Good Luck.

[Stardustgirl]

Hello again -

I'm not trying to be argumentative... just figure this out :)

I didn't phrase things all that well in my last post. What we wanted to do was add my name to the deed (not necessarily the mortgage). The lawyer told us that this could easily be done, but the title company may be obligated to notify the mortgage company, who could decide to re-evaluate the load, tell us we need to refinance (with today's higher rates, naturally... ) etc...

I'm just wondering if you've done this, know someone who's done this.. I'm sort of in the same pickle. We even asked if we could draw up some sort of a legal statement, explaining that I also am a rightful owner of the house. The lawyer said that the deed would supersede anything else that may be done, so this wouldn't help at all.

Please don't misunderstand... we're not headed for divorce court and need to settle on the house :) It's just my husband and I BOTH work very hard and it really burns my butt not to be listed as an equal partner. I keep thinking that there's something that can be done without adding hundreds of extra dollars a month to the mortgage payment.

Any ideas ?

Stardustgirl

[Dr D]

Virtually all Realty Mortgages and Deeds of Trust contain a Due on Sale Clause; meaning that the lender can call the loan due in the event of transfer of any interest in the property. FHA and VA loans do have a provision for a full qualifying assumption of an existing loan, without the need for a refinance. Such an assumption costs about $500 + Title Fees.

Stardustgirl is one of those lucky residents of AZ, which has the Beneficiary Deed. This would allow the property to transfer to her in the event of her husband's death without going through probate, just as easily as a Joint Tenancy Deed (With Right Of Survivorship).

[Stardustgirl]

Thanks Dr. D :) While I still wish there was a way to include myself on the documents now, at least I know I won't have to go through probate should the worst happen.

I appreciate your help with this --- thank you !

Stardustgirl