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Adding spouse to mortgage

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Guest	Posted: Tue Jan 17, 2012 1:14 pm    Post subject: Adding spouse to mortgage Like 0 Dislike 0 Guys - i bought a home 2 years ago and getting married next month. My wife would begin to share 50% of mortgage payments after marriage. 1) What do I have to add her name too and do I add it to the deed or the title or any other docs? I hope I don't have to refinance 2) Also, in an 'equitable distribution state' like the one I live in, I believe the down-payment and 24 mortgage payments that I made are protected from 'equitable distribution' should the marriage go south. Can someone confirm? Thanks
Guest	Posted: Tue Jan 17, 2012 3:19 pm    Post subject: Like 0 Dislike 0 You can add her to title via quit claim deed, but you cannot add her to the mortgage. You would have to refinance for the mortgage to be in both names. For the divorce question, that would depend on your specific states statues and how long you are married etc. Consult a local attorney to answer that.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Jan 17, 2012 9:54 pm    Post subject: Like 0 Dislike 0 Welcome Guest, It will be better if you could add your wife's name to the title as she will be getting ownership rights to that property. You will have to refinance the mortgage only when you wish to add her to the mortgage docs. As the above poster has mentioned, divorce laws may vary from state to state. So, you need to contact an attorney and he might provide you the required information in this matter. _________________ Procrastination is the enemy of your financial success
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Wed Jan 18, 2012 1:53 am    Post subject: Hello guest, Like 0 Dislike 0 A spouse is not added to a mortgage. If the spouse already owns an interest in the property through deed or community property, then the spouse is subject to the mortgage, regardless of whether or not he or she signed it. However, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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