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Modification

Posted on: 22nd Jun, 2010 09:30 am
Hi Samantha,,my husband bought this land 14 years ago, he building this house,he divorced 8 years ago..We get married 3 years ago..you know the economy change in our country and we have a problem with the house payment and we are in the procesing of Modification with our lender.He want put my name in the house's o land's tittle..Please Samantha I would like to know the good and bad in this situation..Thank you for your time..
Regards,

Tulip
Hi,

Yes, your husband can add you in the property deed. He needs to sign a deed and add your name for that consult with a good attorney. First go for the modification then sign the property deed.
Hope this will help you.
Posted on: 22nd Jun, 2010 01:33 pm
Hi ergjja,

Your husband can use a quit claim deed in order to add your name to the property deed. Once your husband adds your name to the title of the property, you would become one of the owners of that house. As your name will not be mentioned on the mortgage docs, you won't be liable for it financially. Thus, if your husband defaults on the mortgage payments, it won't affect you negatively.

Take care
Posted on: 23rd Jun, 2010 02:01 am
hi ergjja,

if your husband adds you as a co-owner of the property, the lender who holds the mortgage on the property may need both of you to refinance the loan in your names. that's because mortgage loan contracts often have terms and conditions which are applicable upon any change of property ownership. as per these terms and conditions, one may need to refinance the loan if he's adding someone to his property. so, your husband needs to check the fine print first and find out if there's any such possibility, more so because you may not be willing to take responsibility of a long term loan such as mortgage. finally, the lender may not be willing to modify the mortgage loan. so, other than reading the fine print, your husband needs to speak to the lender regarding the change in ownership.

may god bless you
Posted on: 23rd Jun, 2010 06:05 am
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