I have a home that is in my name only and I'd like to refinance in my name only. My mom is on the deed but not on the loan and my husband is not on the deed and not on the loan. When I refinance do I need their permission or signatures on any loan documents?
2006-08-31 05:31:32 · 6 answers · asked by fabmom 1 in Business & Finance ➔ Renting & Real Estate
You wrote:
"..home that is in my name only..
My mom is on the deed.."
What does that mean?? Does she have an interest in this property or not.
As to your husbands interest -- When did you acquire the home? Where did the money for the mortgage payments (since you have been married) come from -- do you keep your income separate from his -- do you live is a community property state -- if so which one (laws differ) -- is he willing to just ignore it all in any case -- would you want him committing any kind of deal without you -- what does the new mortgage holder have to say?
Just some of the things you should know in order to keep it legal and with minimal friction at home. Good Luck
2006-08-31 06:10:28 · answer #1 · answered by veritas 5 · 0⤊ 0⤋
Who ever has their name is on the deed has right of ownership. If your mother's name is on the deed, it cannot be solely your home. Any loan on that property has to be signed by the owner(s) unless you have power of attorney. If you have POA, then you can sign for your mother, otherwise she should sign also. Even though your husband may not be listed on the deed, it is wise to have him sign a "Quit Claim" deed since most states recognize the marriage as a joint ownership of any asset acquired after the marriage date. By signing a quit claim, he relinquishes any and all ownership of the house. The lending company usually does a title search to make sure the applicant has the authority to make the loan, but it is always a good idea to check out your contract with an attorney to avoid any nasty surprises.
2006-08-31 13:01:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your mom will need to sign the mortgage, but not the note. The mortgage (or Deed of Trust in some states) allows you to pledge the property as collateral for the loan. The promissory note obligates you to make the payments. Depending upon your location, your husband may need to sign the mortgage due to spousal interest.
2006-08-31 12:38:00 · answer #3 · answered by Adios 5 · 0⤊ 0⤋
Hey, yes you will need their signatures. I am a great loan officer that does loans in all 50 states so if i can be any assistance to you feel free to give me a email. sburton5432@yahoo.com
2006-08-31 15:35:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Mom will need to sign to allow the bank to attach a lien to the property. No one else will likely need to sign loan documents, unless their income/occupation/etc. is used for loan qualification.
2006-08-31 12:53:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You need Mom's because she is part owner. It also depends on your state you may need your husbands too.
2006-08-31 12:37:26 · answer #6 · answered by N3WJL 5 · 0⤊ 0⤋