Second Mortgage Question

lablover · Joined: 26 Nov 2007 Posts: 1 1.46 Dollars($)

Hello, A while back my husband and I bought a house with a first mortgage...We were both on the loan and both our incomes were used. We then took out a second mortgage on the house where they only used his income and put it under his name only...because I was not working...only his name was placed on the second mortgage . This completely paid off the first mortgage that had my name on it...My question is this...Is all of my interest in the house gone ?...Do I have any way of being placed on the second mortgage?...We are married does this protect me in any way so that I still have a part of the house as mine also? I feel as if I was misinformed and tricked out of the ownership of the property...or ever owning it?..This is seriuosly hurting our marriage and I am considering a divorce over it...

evolovik26 · Posted: Mon Nov 26, 2007 10:12 am Post subject:

So what you saying is you had a mortgage and now your husband refinanced in his name only?
Were you at the closing and did you sighn anything?
If you were you probably sighned a quitclaim deed putting you on the title of the home.
The easiest way to check it is with your county records. Check who is on the title of the property you and your husband or just him.
Title is what determines ownership. Mortgage is the responcibility. So dont go divorcing yet Smile

If you not on the title then depending on the state law you might still be eligible for alot of things through court and if your husband hid the fact that he was married then its fraud.
Another eazy way to go about it is to have your husband add you on to the title of the home through a quitclaim deed.
Good luck

livinginnky · Posted: Mon Nov 26, 2007 10:31 am Post subject:

If you are still on the title, this could be good for you in my opinion. If you are on title but not on the mortgage you have a right to the house without an obligation to the debt. However as Eugene stated if you are married and in the right state it doesn't matter anyway as you share in everything. That is why you might not have had to sign at the new loan closing.

I have an additional question. Did you get a 2nd mortgage? Or did you just refinance the mortgage you had to another mortgage? What I mean is...is it a true 2nd mortgage IE. heloc, equity loan, line of credit... or is it just your guys 2nd mortgage you have had?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi lablover,

Welcome to this forum.

I completely agree with Eugene and Eric. If your name is on the title and not on the mortgage, it is better for you. Because in that case, you will enjoy the ownership without any financial liabilities. So if you have not signed a quitclaimed deed, then you should have the ownership of the property.

Feel free to ask if you have further questions.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello lablover,

I think it is important for you to see if you are on the title or not. The ownership rights are determined by the title and not the mortgage.

If you are on the title along with your husband, you will have ownership rights to the property.

Could you tell me where you live? Because if you live in a community property state then you will automatically gain ownership interest in the property according to the state laws.

Jessica

Good question Eric. Even I was thinking whether he has a second mortgage - heloc/home equity loan or just a second loan to refinance the first.

Lablover, as long as your name is on the deed, there's no need to worry. But if it's not there then that's something you should be concerned about. So, the easiest way is to check the County records, no doubt about that. And yes, if your state is a community property state, then you might still have an interest in it.

Regards,

Jessica

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