Posted on: 21st May, 2012 05:08 pm
:? hi my name is ragava me and my wife we are planing to buy new truck about $48000 dollars my wife wants my name her name on the truck she dont want her name on mortgage is it safe?
Hi ragava!
Welcome to forums!
If your wife's name is not added to the mortgage docs, then she won't be liable for paying off the mortgage. However, she will be considered as one of the owners of the property if her name is added to the ownership papers of the new truck. It will be the lender's discretion whether or not they will allow your wife to do the same.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your wife's name is not added to the mortgage docs, then she won't be liable for paying off the mortgage. However, she will be considered as one of the owners of the property if her name is added to the ownership papers of the new truck. It will be the lender's discretion whether or not they will allow your wife to do the same.
Feel free to ask if you've further queries.
Sussane
Welcome ragava,
Most lenders will want both of you to be on the mortgage docs as both of your names will be mentioned on the truck deed. This will make both of you liable for the mortgage. In case of any default, it will be easier for the lender to recover the debt by repossessing the property.
Most lenders will want both of you to be on the mortgage docs as both of your names will be mentioned on the truck deed. This will make both of you liable for the mortgage. In case of any default, it will be easier for the lender to recover the debt by repossessing the property.
The Title/Loan for your mortgage and truck loan are completely independent of each other.
hi my name is ragava i bot the forecioser property in 2009 with cash then i get the sine from my wife on interspousal transfer deed the reason i want refi property 1 or 2 years her credit is bad but i told her as soon as i got the loan i can add her name in the titel but now she is says i forced her to sine on the deed whats going to hapend?
Hi ragava!
Welcome to forums!
If you add back her name to the property deed, then she won't have any issues. You can sign a quitclaim deed and add her name to the property deed. This will make her an owner of the property and she will have equal ownership rights to it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you add back her name to the property deed, then she won't have any issues. You can sign a quitclaim deed and add her name to the property deed. This will make her an owner of the property and she will have equal ownership rights to it.
Feel free to ask if you've further queries.
Sussane