My wife is not a buyer on the note
2007-02-04 10:40:19 · 5 answers · asked by leslie_glenn@sbcglobal.net 1 in Business & Finance ➔ Renting & Real Estate
Legally and technically she probably can't.
If you want you wife to live there after you die you should do a couple of things.
I assume that by her name not being on the mortgage that there were credit problems with her being able to qualify. So that being the case, I can only come to the conclusion that she will not qualify for a mortgage if you were to die.
#1 Take out a insurance policy that pays off the mortgage upon your death.
#2 Place the home in a living trust with her as the trustee and naming her as the person to own the house after you die.Check with your attorney or paralegal to set up this trust. You are in charge of the property until you die with this method and make all the decisions.
#3 Call a title company, look in your local telephone book, and tell them you want to add your wife to the property deed. They will set up an appointment for you and her to come into the office to sign the deeds in front of their notary. After the signing they will insure that the deed is recorded at the county recorder's office. This is the bet way to accomplish this but not the most economical. You will save lots of time and perhaps legal problems down the road. Cost approximately $125.00
A. You may accompish the same thing by appearing before a notary of your choice, signing a quit claim deed after which the notary will notarize the document. It will then be up to you to get the document to the county recorder's office. Cost approximately $75.00.
#3 Give her a life estate in the property. Does not add her name to the property but for as long as the mortgage is paid or if there is no mortgage she will be entitled to live there. You may set this up at a title company.
The best are #1 and #2 that way she will own the property free and clear without a mortgage.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-04 11:39:10 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
She would inherit the house, as your primary heir. The bank would be more than happy to accept payments on "your loan" from her. As long as she doesn't get behind they won't call the note. There is no reason for them to do that. But if she didn't make the payments they would naturally foreclose.
best of luck,
2007-02-04 19:46:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
she would be able to live there because even though you bought it, the reality is that you both own it. whats your is hers and all that...
The bank may have the option of calling the note due, and the asset could have to be liquidated to satisfy the note. Read your mortgage and see what it says.
2007-02-04 18:51:38 · answer #3 · answered by Pugsly 2 · 0⤊ 0⤋
not unless you had insurance that paid it in full when you died or she took out a mortgage in her name
2007-02-04 18:44:01 · answer #4 · answered by glamour04111 7 · 0⤊ 0⤋
She could if she can afford the payments.
2007-02-04 19:06:35 · answer #5 · answered by Judy 7 · 0⤊ 0⤋