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 hgleemster
Joined: 16 Mar 2007
Posts: 1
1.41 Dollars($)
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 Posted: Fri Mar 16, 2007 9:22 am Post subject: Assumption Process for Spouse |
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My home including the Mortgage is in my name only.
I have married and want my spouse to be able to continue the Mortgage Payments upon my disability or death.
My will names spouse as House Inheritance.
The Mortgage Co. says Assumption is OK to do, with a small fee and to QuitClaim from Me to Both our names.
This would then be filed with local Govt. Offices and Assumption Papers sent to Mortgage Co. along with the Registered QuitClaim Deed.
Is this Ok Plan? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
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| Posted: Fri Mar 16, 2007 9:07 pm Post subject: RE: Loan assumption by spouse |
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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 |
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Rylands
Guest
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| Posted: Sat Mar 17, 2007 1:34 pm Post subject: |
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| 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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Maur
Guest
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| Posted: Sat May 23, 2009 7:27 am Post subject: Assumption |
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| I need your help. my husband and I bought a house together, but I did not know that I was not on Title deeds. He claims that my credit was bad, But I pay 50% Modgage for the last 5 years. He has applied for assumption on my behalf. What does that mean? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Sun May 24, 2009 10:08 pm Post subject: |
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Hi Maur!
Welcome to the forums!
Assumption means transferring the mortgage from one person to another. Is your name on the mortgage of the property? If yes, then he has applied for the assumption of the mortgage. If your husband assumes your portion of the loan, then you won't be liable for the mortgage payments.
Feel free to ask if you have further queries.
Sussane |
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ayesha
Guest
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| Posted: Tue Oct 20, 2009 1:36 pm Post subject: |
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| what is the procedure to include your name in the title papers |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Tue Oct 20, 2009 11:42 pm Post subject: |
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Hi ayesha,
The owner of the property should sign a quitclaim deed and add your name to the property deed. Once the deed is filled in, it needs to be recorded at the county recorder's office.
Thanks |
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thewretched02
Joined: 23 Jun 2009
Posts: 115
23.90 Dollars($)
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Fri Oct 23, 2009 10:04 pm Post subject: |
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Hi thewretched,
There are costs associated with the quitclaim deed. You will be responsible for paying the deed registration fees, doc stamp fees etc. when you record the deed at the county recorder's office.
Thanks |
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