My wife & I bought a house 1&1/2 yrs. ago. Since my credit rating was shot,the title only has her name on it (Bank too).
If God forbid she should die what would happen.( I live in Pennsylvania).
Is their something we can do now so I would not loose the house.
We have 1 child 8 yrs old.
P.S. I had just finished filing for bankrupcy (me only) should get discharge in a few weeks from now.
any answers welcome Thank You.
2006-07-30 03:54:51 · 9 answers · asked by barry_myster 5 in Business & Finance ➔ Renting & Real Estate
My wife & I were in a similar situation, but not credit related. When we closed on our house, the title company gave us a for to send into the clerk & recorder that added me on to the title after the closing. THat was all we had to do to add me on to the title.
YOu should probable talk to an estate planning attorney about specifics.
2006-07-30 04:00:56 · answer #1 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
You should see a realtor or a real estate lawyer for a final answer, but don't worry if you have lived there for at least a year you are considered a co-owner by common law even if your name is not on the mortgage. The mortgage payments WILL affect your credit as well in this way too. Think of it this way, if your wife does die, do you think they will just sell the house at auction for a loss? HELL NO, they will be after you in a split second to get YOU to make the payments. A mortgage is worth usually 3-6 times what the property is worth, so the bank will do anything legally possible to prevent an early payoff, be forced to foreclose and sell at auction, and under no circumstances will the bank want the payments to stop, it doesn't matter if George Washington died.
2006-07-30 04:01:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on whether your state is a community property state or not. If it is, then you are entitled to one half of your spouse's property/belongings/worth.
Your problem can be handled simply by filing a Quit Claim Deed from your wife, to herself and you. That is the cheapest way to add your name to the deed. It requires that her signature be witnessed by (and in front of) a notary. Once you have filed the Quit Claim Deed it will mean that you have interest in the property and nothing can be done without your permission.
Once you have completed your bankruptcy you and your wife could always refinance the property in both names but, the Quit Claim Deed is easiest.
2006-07-30 04:26:46 · answer #3 · answered by gmommy 3 · 0⤊ 0⤋
Does she have a will? If so, make sure that you are the beneficiary. If not, both of you should make wills. If a person dies without a will, the state decides who inherits and the state usually takes part of the estate.
2006-07-30 04:00:34 · answer #4 · answered by T 2 · 0⤊ 0⤋
It would go to her estate. With a will it could easily be left to you. Without one, you might get it after lots of paper work and court.
2006-07-30 04:02:00 · answer #5 · answered by chief8166 2 · 0⤊ 0⤋
Depends on what her will says
2006-07-30 03:58:14 · answer #6 · answered by Sassafrass 4 · 0⤊ 0⤋
Both of you need a will..
2006-07-30 04:49:13 · answer #7 · answered by clifton_woodruff 4 · 0⤊ 0⤋
HOPE SHE HAS A WILL YOUR FIANCIALLY IN THE POOR HOUSE
2006-07-30 04:09:41 · answer #8 · answered by Penney S 6 · 0⤊ 0⤋
i THINK THE STATE WOULD TAKE THE HOUSE
2006-07-30 03:59:08 · answer #9 · answered by Anonymous · 0⤊ 1⤋