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Old 04-21-2011, 07:26 PM
 
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Quote:
Originally Posted by serate View Post
Not on the actual mortgage, just some paperwork online that says I am considered the buyer. Something for the Kentucky Deed.

I have no ex. We are very happily married. And plan to remain that way until death do us part.
Should have said "the ex".
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Old 04-26-2011, 01:40 PM
 
Location: Louisville, Kentucky
1,448 posts, read 4,213,810 times
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Quote:
Originally Posted by serate View Post
Thanks for the replies.

Actually I am the one trying to get off of the title. My hubby is the one who has the mortgage. My income [or lack of lol] was not used in consideration. We are in Kentucky which I don't think is a community property state. Our Realtor said I had to be on the title because that is what he thought was best in case something happened to my hubby. I tried to argue it, but he said it was too late because he had turned in the paperwork. I am sure only my hubby is on the mortgage. There is the Deed listed on line, then the Mortgage which is what I am questioning.
Kentucky isn't a community property state but it is a dower/curtsy state. Which means spouses have an automatic marital interest in the property of the other spouse, whether their name is on title or not. What that means is that in Kentucky, the spouse has to sign the mortgage even if they are not on the deed/title. This is so the lender can foreclose on that marital interest if the other spouse does not pay.

The good news is that you might be on the mortgage as only an "accommodation party" which would mean you are not liable for the mortgage or wouldn't even be a party to the mortgage. And there is a very, very easy way to determine that. Just look at your Promissory Note. If only he signed it, then you are not liable for the debt and are only on the mortgage to pledge your marital interest should he default. If you are on the Note, then you are a party to the Mortgage and cannot get off the mortgage even if you take your name off the Deed.

Let's say you are lucky and your name isn't on the Note. Somewhere in your mortgage is a statement that if you don't sign the promissory note, then you are not liable on the mortgage.
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Old 04-26-2011, 01:47 PM
 
Location: Louisville, Kentucky
1,448 posts, read 4,213,810 times
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Quote:
Originally Posted by Lacerta View Post
I'm curious what the source of concern is on this. There isn't really a downside to being on the deed. The downside is being on the mortgage.
Bingo. There really is no downside to being on the deed that I can see, and a lot of downside not being on it. I get why she would want off the mortgage, but not the deed.

Now again, in Kentucky, one spouse cannot sell without the signature of the other spouse, even if that other spouse isn't on the deed. But you know what? Some spouse lie! (I know, I'm shocked, too!) They will certify they are unmarried, sell the house, take the money and blow town.

Another problem is that the spouse could die without a Will. And in Kentucky, the surviving spouse only inherits half of the real estate, and not all of it unless she is on the deed as a "joint and survivor" owner. The other half could go to kids, which can cause all sorts of problems.

So I'm with you -- I just don't see the downside of being on the Deed.
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Old 04-26-2011, 02:04 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,528,234 times
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Jane Doe is a fool to request not to be on the title. The old man dunmps her and she is homelss with no claim to anything. ..or, say pops get run over by a bus on the way home today... Little Janie is left sucking hinder, with no claim to the property.
To not want to be on the title, she must be hinding something really big..
I owned my first home several years before getting married. Wife always asked to be put on the title, but I never got around to it. When she ran away with her boss and tried to claim part of my house, she got nothing... Best, and luckiest move I ever made was to leave her off the title....
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Old 04-26-2011, 07:20 PM
 
Location: wannabeinkentucky
862 posts, read 1,414,113 times
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Quote:
Originally Posted by Donn2390 View Post
Jane Doe is a fool to request not to be on the title. The old man dunmps her and she is homelss with no claim to anything. ..or, say pops get run over by a bus on the way home today... Little Janie is left sucking hinder, with no claim to the property.
To not want to be on the title, she must be hinding something really big..
I owned my first home several years before getting married. Wife always asked to be put on the title, but I never got around to it. When she ran away with her boss and tried to claim part of my house, she got nothing... Best, and luckiest move I ever made was to leave her off the title....

I am Jane Doe, and I am reqeusting to NOT be on the title so if something happens to me, a lien cannot be placed on the house for MY outstanding debt, which I had before I met him, which I alone am responsible for. My hubby sees no problem with it, but I do! I do NOT care one iota about this house or this property if something happens to him before me. There is no way I could pay off the mortgage anyway. I am NOT hiding ANYTHING big or small from my husband. I wish to do this for HIS benefit, not mine.
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Old 04-26-2011, 07:31 PM
 
Location: wannabeinkentucky
862 posts, read 1,414,113 times
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Quote:
Originally Posted by Off Topic View Post
So I'm with you -- I just don't see the downside of being on the Deed.
I'm not worrying about their not being a downside for ME being on the Deed. What I am worrying about is the possible downside for my HUSBAND if I am on the deed.

Maybe my thinking is wrong. If I have a lot of debt, debt that is NOT my husbands and that I had well before I met him. If I am on the deed and I die, can't the loan holders put a lien on the house until the debt is paid? I am not on the actual mortgage. Only my husband is. But at closing, I had to sign something that shows I am considered the borrower. I guess I'm assuming that it makes me an "accomodation party"?

What I am trying to prevent is my hubby, who is paying for this house 100% on his own, ending up being responsible for my debt through a lien on his house, if my health continues to decline.
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Old 04-28-2011, 10:22 AM
 
3 posts, read 7,450 times
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1. A mortgage (deed of trust in Texas) is against the property. A note is against the people.
2. Once a deed of trust is properly executed by all the parties with rights to the property, it remains fully enforceable regardless of how title changes.
3. Essentially all deeds of trust contain a "due on sale" clause that says that a conveyance gives the lender the option to call the note due.
4. There is a federal preemption that prevents a lenders from exercising the due on sale clause when the conveyance is between spouses (or some other related parties)
5. NEVER use a quitclaim in Texas for such a conveyance. Title companies will not insure properties with quitclaims in title. Use a warranty deed.
6. Being on a deed of trust as a "borrower" means that person is pledging whatever rights they have in the property to secure payment of the note. It creates no rights for the "borrower"
7. Nonborrowing spouses do not need to be on title to have a Texas homestead mortgage, but the spouse will need to be on the deed of trust (mortgage) because a spouse has homestead rights that need to be pledged, and it's required by statute.

Sooooo, use a warranty deed and get off title. The deed of trust and note are not affected.

Hope this helps and isn't an overload.

Last edited by Green Irish Eyes; 04-28-2011 at 10:56 AM.. Reason: Advertising is NOT allowed.
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Old 05-02-2011, 03:39 PM
 
Location: My House
32,945 posts, read 26,756,414 times
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You're already not working? Not being nosy or anything, but if you have a lot of debts, how are you paying them off? Should you not file bankruptcy or something, THEN have your name added to the deed after the BK is discharged, just to protect your inheritance if something happens to your husband one day?

I'm not sure what sort of claim could be placed on a property your husband paid for 100% if YOU should die. Would not all your debts be excused then? Even student loans (well, maybe not private ones) are excused upon the death of the former student.
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