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Assumption Process for Spouse

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hgleemster Joined: 16 Mar 2007 Posts: 1 1.29 Dollars($)	Posted: Fri Mar 16, 2007 9:22 am    Post subject: Assumption Process for Spouse My home including the Mortgage is in my name only. I have married and want my spouse to be able to continue the Mortgage Payments upon my disability or death. My will names spouse as House Inheritance. The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names. This would then be filed with local Govt. Offices and Assumption Papers sent to Mortgage Co. along with the Registered QuitClaim Deed. Is this Ok Plan?
sara Joined: 05 Jul 2006 Posts: 1206 Location: New Brunswick, New Jersey 223.95 Dollars($)	Posted: Fri Mar 16, 2007 9:07 pm    Post subject: RE: Loan assumption by spouse Hi Hqleemster, Welcome to the forums. Your plan looks to ok to me. Once you quit claim the home from you to you and your spouse, she will be able to get the ownership rights on the property. And, in case, you are disabled or pass away, the house will pass on to your spouse as there is a Will being done by you. But the Will may have to go through probate after you pass away just to make it effective. For this, you may consult an attorney. The quit claim deed should be filed with the County Recorder's office. And, the loan assumption papers should be sent to the mortgage company along with a copy of the quit claim deed. Thanks, Sara
Rylands Guest 0.10 Dollars($)	Posted: Sat Mar 17, 2007 1:34 pm    Post subject: Quote: The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names. In the quit claim deed put the way the title will be held by both as Joint tenants with right of survivorship. This way your spouse will be able to avoid probate procedure. You have made a will but that will have to go through the probate procedure. Holding title as Joint tenants with right of survivorship can help avoid probate procedure and time it takes.

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