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Refinancing and spouse being added to home by quitclaim deed

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smi70801 Joined: 24 Jun 2009 Posts: 2 1.77 Dollars($)	Posted: Wed Jun 24, 2009 7:23 am    Post subject: Refinancing and spouse being added to home by quitclaim deed Like 0 Dislike 0 My husband purchased our home 10 years ago, we lived in the home since then, we got married 2 years ago. Now we are refinancing, I am the bread winner because he lost his job. Since I was not on the title of the home the bank wants to do a quitclaim deed and add my name. Since the loan now will be in both names. Legally am I then 1/2 owner in the home at signing of this deed since we are married. I live in MI. Or am I just the owner of 1/2 the debt from the refinancing of the home? Thank you for your help.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 24, 2009 7:27 am    Post subject: Like 0 Dislike 0 when adding you to title via quit claim deed, you become a full owner...there is no "half" unless it is expressly identified as such in the deed. frankly, half-ownership would do neither of you any good, because you cannot sell half of a home (who takes the master bath, for instance?). as for the debt, you are both 100% liable for payment (and no that doesn't add up to 200%). _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
smi70801 Joined: 24 Jun 2009 Posts: 2 1.77 Dollars($)	Posted: Wed Jun 24, 2009 7:31 am    Post subject: Quick claim deed Like 0 Dislike 0 No, I am just making sure I do have ownership in the home also. Both our names will be on the home now, as was not before. But since the loan is being issued because I am the worker now, do I have the same benefits he has? Am I half owner of the home? Is this a smart thing to do? I mean is it the best thing for me since now, my name is on the debt of the home also?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 24, 2009 7:37 am    Post subject: Like 0 Dislike 0 what is best for you is truly something you need to determine on your own. presumably, refinancing at this time makes sense, and the only way in which you two can refinance is by your becoming a borrower and owner. i truly don't understand your asking about "the same benefits he has." _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
michelle011 Guest	Posted: Fri Dec 11, 2009 9:41 pm    Post subject: Like 0 Dislike 0 I make more than my husband and we are refinancing our home. My husband shows no sign in being on the loan or the title of the home. Should this be reason for concern.
Guest	Posted: Fri Dec 11, 2009 9:43 pm    Post subject: Like 0 Dislike 0 Additionally, are there any benefits to being on the title and loan on your house by yourself.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Dec 19, 2011 10:41 pm    Post subject: Like 0 Dislike 0 Hi michelle, No, it won't be a reason for concern. You can refinance the mortgage on your own if you have the required credit score and income. You can even own the property on your own though you're married. Hi Guest, If your name is mentioned in the mortgage docs and the property deed, then you will be considered as the sole owner of the property and you will be fully liable for the mortgage payments. Thanks

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