After having my name put on the deed, can I refinance and have my name put on the mortgage?

Crzyinjun35 · Joined: 05 Nov 2009 Posts: 1 1.37 Dollars($)

I just spoke with the lender (CitiMortgage) and they said that this is the way I should do this. The mortgage is none assumable and my credit is not perfect. They also said that when I refinance I can remove my aunt from the lone.

gmakerley · Posted: Thu Nov 05, 2009 10:33 am Post subject:

if that's what they said, run with it. we can't comment intelligently on what someone at a specific lender may have told you, but it sounds pretty specific.

jveenstra · Posted: Thu Nov 05, 2009 3:29 pm Post subject: Citimortgage

As George noted, if Citimortgage said OK, then who are we to say otherwise.

However, I say otherwise.

Starting September, 2008, Continuity of Obligation became a requirement for refinancing.

That requires that the borrower has been on title and residing in the property for at least 12 months and has either paid the mortgage for the last 12 months or can demonstrate a relationship (relative) with the current obligor.

1. If you add your name to title, you need to wait 12 months to refinance
2. You have to live there 12 months
3. No idea what credit issues you have and whether or not it affects your getting a mortgage.
4. You can demonstrate the obligor is a relative as she is your aunt

I can not imagine that Citimortgage does not abide by these guidelines. So, get your name on title and refinance now or get your name on title and refinance in 12 months--fix up the credit perhaps in the meantime.

Guest

Me and my husband has been marriage for 30 years and he has the our home in his name only on the deed can i add my name on the deed now we have been in this house for 15 years and it has a equity loan on it is it to late for me do this :lol

Thank for your help

jveenstra · Posted: Fri Nov 06, 2009 9:39 am Post subject: Deed

Victoria

What state is the property located?

Typically, you can add your name to the deed via processing a quit claim deed, however, you must be aware that doing so changes the names on the deed from what they were when he got the mortgage. Legally, that can trigger the due on sale clause which means the lender can call the loan due in full immediately if they find out about it.
Typically, the lender never finds out about it as long as the mortgage is always paid on time.
I can not say it is ok to do, but, it can be done.

I ask which state you are in because in some states the spouse legally owns the home if it is the marital home and it does not matter if you are on the deed or not.

Another way is to have a will which states you inherit the home in case anything happens.

gmakerley · Posted: Mon Nov 09, 2009 3:17 pm Post subject:

i concur with john, and i will add that most lenders don't recognize changes in title when they occur, so you may never have to cross the bridge of having a due on sale clause invoked. that doesn't mean that the lender won't discover it, but it's not obvious to them at all to begin with.

gmakerley · Posted: Mon Nov 09, 2009 3:17 pm Post subject:

i'm not sure i could have written that any more poorly than i did if had tried to do so.

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