I bought the house while we were engaged and closed on the house a few days after we were married. The title company put her on the Deed of Trust but she is not on the mortgage loan. I would like to add her to the warranty deed of ownership. Can that be done? How?
2007-06-04 14:31:41 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The question is why would you want to spend the time and money to do it, besides it being nice for your wife. The truth is, it doesn't really change anything, especially if you are in a community property state - i.e. a state in which property is viewed as belonging equally to married couples.
If you passed away, no matter what state you are in, the deed of the house would be automatically and free of charge changed to your wifes name. Ask a tax advisor, or real estate attorney.
2007-06-04 15:40:03 · answer #1 · answered by Christopher B 6 · 1⤊ 1⤋
Go to your mortgage lender and tell them you would like to place on the warrantee deed as a co-owner. There should be little argument, but she will probably have to sign the updated papers.
The bad news: your 'bank' may try to get a few bucks out of you for the effort (shouldn't be needed)
Good news: She becomes a co-owner rather than 'inheritor' (no inheritance taxes on the home value, it automatically passes to her under survivirship rules).
Also check with your City/county records and deed department to see what is required and what is the easiest method to be more specific.
The Dark side: Since you two are now married, under most community property laws, she is automatically entitled to at least half the value of the property, just because you're married-so she might as well become a co-owner
2007-06-04 14:52:24 · answer #2 · answered by jimdragontech 5 · 0⤊ 0⤋
She is already in title to the property.
By closing on your home after your wedding and her signing the Deed this conveyed title to her. You are joint on title but only you are on the mortgage.
You do not need to do anything.
By the way, signing on the deed does not put her on the mortgage. The only way that can happen is if she was on the mortgage papers to begin with. Not to say that the lender will not come to her if something happens to you, but technically - she is not on the loan. You are joint in title however and if something were to happen to you, she will have rights, title and interests in the property before any of your other heirs.
2007-06-05 01:03:20 · answer #3 · answered by mrsfoster 2 · 1⤊ 0⤋
All you have to do is deed the land to you and your wife, make sure it is tenants by the entirety. (right of survivorship) If one of you dies it will go straight to the other and not your heirs.
You probably don't have to do all that Jim has wrote, because your wife's name is already on the Deed of Trust.
And if her name is on the Deed of Trust then her name is also on the Mortgage Loan, because that is what a Deed of Trust is.
This also depends on your state. Because here in Mississippi it is this simple, but other states maybe more difficult.
2007-06-04 15:09:16 · answer #4 · answered by Stephanie 3 · 0⤊ 0⤋
Have the title company help you.
2007-06-04 14:39:28 · answer #5 · answered by PersonalFreedom 4 · 1⤊ 1⤋