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jeanluc012002 · Joined: 18 Apr 2008 Posts: 4 2.32 Dollars($)

My husband has recently added me to the title of his condo. He bought the condo several years before we were married. He has recently been diagnosed with terminal cancer and we are trying to get his affairs in order. He has not added me to his mortgage yet. How do we go about this? Can it be done without having to refinance? What happens if he passes away before we can add my name to the mortgage?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jeanluc,

Welcome to the forum.

Through Novation the lender can add you on the mortgage? Although the lenders do not always agree for novation. BTW can you afford the mortgage payments?

I think you should talk with the lender ASAP for this and see if he is willing to do navation.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jeanluc012002 · Joined: 18 Apr 2008 Posts: 4 2.32 Dollars($)

Thx for the response Larry. I'll be able to afford the mortgage payments on my own if we can manage to keep my husband's current rate. It will definitely be hard on only one income.....

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jeanluc,

Welcome back.

That is good that you can afford the payments. So talk with the lender ASAP regarding this.

BTW can you give us the information about your present mortgage like the rates and terms of you present mortgage? Is it ARM or FRM? How long have you taken the mortgage?

I am asking this because you may refinance the present mortgage with better rates and terms and add you name on the add you name on the mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jeanluc012002 · Joined: 18 Apr 2008 Posts: 4 2.32 Dollars($)

Hi Larry,
It's a 30 yr frm. The interest rate is 5.375

My understanding of novation is that I would replace my husband on the mortgage and assume sole responsiblity. This is new territory for me. Forgive me if I'm incorrect in my understanding of the term.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jeanluc,

If you can afford you can take the loan on your name only and I think both you and your husband can be on the mortgage through novation. I think the rate of your present mortgage good. You should try and stick to it Smile

Feel free to ask if you have any further questions.

Best of luck,
Larry

jeanluc012002 · Joined: 18 Apr 2008 Posts: 4 2.32 Dollars($)

Thx for all the info. I do have one more question. Since my husband has already added my name to the title, can the lender force us to refinance?

Thx for your input.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jeanluc,

I think your husband has included you on the deed through a quitclaim deed right. So have not he informed the lender when he added you on the deed?

See if he does not agree for novation then refinance will be your only other option.

Best of luck,
Larry

gmakerley · Posted: Sat Apr 19, 2008 6:08 am Post subject:

jeanluc, you've not given any details on the mortgage itself - not that it's totally necessary.

in this situation, if you were to simply maintain payments on the mortgage, you could sit tight. yes, the lender should be advised of the transfer of title, but there is an old adage about letting sleeping dogs lie. if payments have been satisfactory, and you have no foreseeable trouble in making continued payment, then simply let things be, make the payments and move on.

i wish you and your husband well in this difficult period of time. needless to say, should you have any other questions, please feel free to let us know.

Guest

Thanks for the advice and kind wishes George. It is a difficult time to be making major changes especially when I lack the knowledge and experience. My husband has always managed our finances, so now I'm in a situation where I'm trying to learn a lot of things very quickly. In the midst of adding me to the title and the mortgage my husband fell very ill and alot of things ended up on the back burner. We managed to add me as joint tenant on the title in order to keep our condo out of probate, but adding me to the mortgage was something we neglected to do. My husband is concerned that his mortgage lender will force him to refinance when we notify them of the title change. If we have to refinance at a higher rate, we are concerned that I won't be able to handle the monthly mortgage payments on my own after he passes.
Thanks for responding

Guest

jean, it happens at times when things go out of hand but hey don't worry much. I agree with george here, if you have been making payments, simply carry on as you have been doing.

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

Hi,
You can transfer this to your name or make co-owner to us
so you are the partner.

gmakerley · Posted: Thu Apr 16, 2009 7:19 am Post subject:

dilip it usually helps to recognize the timing of the previous posts. your response here was to a stream of posts that are a week shy of a year old. one would hope that jeanluc and her husband have been able to take care of the situation.

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