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DO I NEED TO REFINANCE HOME TO ADD MY WIFE TO MORTGAGE

My wife has a quit claim on the house, but she isn't on the mortgage aspect. The mortgage payment has been coming out of her checking account ACH for a long time. What I want to know is will this cause a problem for her at the time of my death ?

I don't want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] when I've paid 15 years of interest already and so close to just paying principal. I have Wells Fargo for the mortgage.

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

There is no way to add her without refinancing. You should just leave everything alone. If you happen to pass away, she can continue making the payments even though she is not on the mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I refinance my mortage loan, take myself off the loan, keep my mom on the loan and add another person as a co-debtor.

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tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Jlbruening,
I'm sorry to say but, you would have to refinance to add your wife to the mortgage.
Bubba,
You can refinance to take yourself off the mortgage but, you need to make sure they can qualify without you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Im getting married and my fiance is worried about my bad credit affecting us. If we were to sell our house and buy a new one, does the bank have to take a look at my credit if my husband can afford the loan on his own? And if something happens to him, do I get to keep the house as long as I can make the payments or do I have to refinance into my name?

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tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It depends the state you live in. If you're buying in a community state then you'll have to incorporate your debts into the DTI (which might cause a problem).

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'd like to remove my name as a co-owner on a house, however, with the economy like this, would banks allow it? If i could refinance, can I go to other lenders to seek better rates? If I can't, are there other alternatives on removing my name?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'd like to remove my name as a co-owner on a house, however, with the economy like this, would banks allow it? If i could refinance, can I go to other lenders to seek better rates? If I can't, are there other alternatives on removing my name?

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rita2's picture
rita2 | Joined: April 23, 2010 10:34 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You have not mentioned whether the property is in joint name or not? If it is a joint property then tell the other owner to sign a quitclaim deed and remove you from the property and tell the person to re-finance the mortgage in his/her name. However, it is absolutely up to the lender to accept or reject the re-finance. Consult with a good attorney to know detailed information.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Rita,

It is a joint property with my brother that we purchased the house together before I was married. Now that I'm married and would like to purchase my first home, I'd like to remove my name. My understanding of the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] is that my name will be removed; however, if he happens to default, then I will still be responsible for the payments. I do not that responsibility; however, I understand that the quit claim deed may be the only solution if we cannot refinance the house. Please correct me if i'm wrong about this. Thank you for your assistance!

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tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Quit claim will remove you from title but you will still be liable for the loan. The only way to remove yourself fromt the property completely is a quitclaim and refinance.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I'm back with more questions regarding refinancing on a home mortgage. I spoke to a lender at the bank, and I was told to go through with a mortgage assumption to remove my name from a loan with my brother vs refinancing in case the value of the home is too low. I received the application, and as I read the questions, it mentioned that an appraisal may be necessary if the house stays as a primary resident. If that's the case, wouldn't it be best to refinance since we'll still have to pay for an appraisal fee? Aside from that, is this the best and safest route to go about removing my name? I don't want this to come back and hurt us in the future. Please advise!!! Thank you.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi PL!

Welcome to forums!

The other co-borrower of the loan will have to refinance the loan or assume the loan in his or her name to release you from the liability of paying it. If the co-borrower goes for a mortgage assumption, then he or she won't have to pay the closing costs. In case of refinance, apart from the property appraisal fees, he or she will also have to pay the closing costs even.

Both mortgage assumption and refinance are safe ways to transfer mortgage from one person to another. However, in most cases, the lenders prefer refinance over assumption.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,

I’d like to purchase a home in california. With a 20% down payment my DTI alone will be about 50%. My parents have offerend to help puchase the home. They have very little debt. So I’m curious is it possible to purchase it jointly with both our names on the title. Will the DTI be calculated using the combined debt and combined income number OR does each party on the loan/title have individual DTI requirements number? They are thinking that down the road when my income increases I will be able to refi and remove their names from the mortgage. Thank you all.

Truman

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shane's picture
shane | Joined: December 3, 2007 01:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Truman, you can apply with your parents being "non-occupant co-borrowers", and as long as you have 20% down then with Freddie Mac underwriting guidelines your and their income (as well as debts) would be combined to determine if you qualify or not. Fannie Mae has different guidelines and requires the occupant borrower to still qualify on their own, which is why Freddie Mac is the preferred route to go. When you interview lenders ask if they offer Freddie Mac conforming loan programs, and if so, then you should be able to accomplish what you are looking to do.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and his sister own a home they inherited. His parents bought it outright. I live there with my husband and wish to buy his sister's half. She's fully agreeable and we have an agreed amount. There has never been a mortgage. What is the best way to change the deed and get a mortgage? We were advised to get a refinance loan. How is this possible without a current mortgage? Is there a better idea? Thanks.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Gertrude,

As there is no mortgage on the property, you can ask your husband's sister to sign a warranty deed and transfer her share of the property to you. When she signs the deed, you can pay off the agreed amount. Your husband's sister can contact a real estate attorney and get the warranty deed drafted. You don't need a loan to get the property transferred in your name.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Since the agreed amount is $300,000, we planned on getting a mortgage, probably for $200.000. What type of mortgage is recommended in such a situation? Do we need a regular closing? We're in NYC. We're told that a closing is about $10,000. Thanks.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi GERTRUDE,

You can go for a conventional loan. If you want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] your mortgage, then you'll have to go for a regular closing. The closing costs will vary from state to state. You should contact other lenders of your area and check out the closing costs they will charge you. This will give you an idea as to which lender you should go for.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Using Google to search my question regarding this particular problem...

My wife and I got married 4 years ago and my wife wants my name added into her mortgage account. The home was built by Habitat for Humanity in 1996 for my wife who is disabled.

I called our bank and checked to see if my name can be added into the mortgage account and they stated that the only way to do that is to refinance the account. Our interest rate is 0% and we don't want to lose that in order to refinance.

They also told me that if my wife passes, the mortgage company will then want a full payment on the balance owed or the house will face foreclosure as a result.

What should I do?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is true that you will be able to add your name to the mortgage by refinancing the present mortgage. You should speak to the lender and check whether or not you will be able to maintain 0% interest after you refinance the mortgage. If the lender agrees to it, then you will be able to refinance the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well I did that and they said they won't honor the present 0% interest. My wife's previous husband, a jerk, wife beater, control freak, etc. ruined her credit history by racking up all sorts of debts that the collectors is hounding her, so refinancing will be out of the question. Mine is medical bills so I'm out of the equation as well.

This is worrying me, because my wife's health is in the decline and has been for 2 1/2 years. She had a congestive heart failure, renal failure, respiratory arrest and a stroke. Since she's a renal patient and has to go through dialysis 3 times a week. The Renal Doctor explained to us that renal patients have a life expectancy of 2-5 years.

So if anything happens to my wife, the mortgage company stated that they will expect the entire balance to be paid in full or they will foreclose the home. Despite that my wife placed my name in her will as a living estate, meaning I can live here until the day I die, then the house will go to her kids.

But with the mortgage as is, the will be a moot point.

Also, to refinance I am told, most banks or mortgage companies will not refinance if the amount owed is less than 15k, so the current balance right now is less than 13k.

So I am scared and don't know what to do.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Neal!

Welcome to forums!

I can understand what you are going through. Unless you refinance the mortgage, your name won't be added to the property deed. If you have friends and relatives, then you can take their help in paying off the loan. You can sign an agreement with them so that you can pay them accordingly later on.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If there was a way to get the current balance owed paid off, what's the next step to get my name on the property deed?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Neal,

Once the current loan balance is paid off, you can sign a quitclaim deed and transfer your share of the property to someone else.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

does my wife's collection affect the DTI for buying a house?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As far as I can understand, if an account has been sent to collections, it will affect your wife's DTI (debt to income) ratio.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiancee already has a house that is financed. We are getting married in October and want to know how to add my name to the deed without refinancing?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fancy!

Welcome to forums!

You can ask your fiancee to add your name to the property deed by signing a quitclaim deed. However, once your name is added to the property deed, there are chances that the lender will ask you to refinance the mortgage along with your fiancee.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i want a co-borrower off the loan i was sent a assumtion package but want to know will a va loan be better to do it

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i want a co-borrower off the loan i was sent a assumtion package but want to know will a va loan be better to do it

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi calvin,

If the lender has agreed to the assumption process and have sent you the assumption package, I don't think you will face any problems.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchase my home before I get married and my husband add his name to the mortgage. Can he add his name to the mortgage without it been re-finance.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Beatrice,

Unless your husband refinances the mortgage, it will not be possible for him to add his name to the mortgage docs.

Thanks

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