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My name is the only name on the home loan but I want my wife's name to be the only one the title. Is this possible or does the person who the loan is in also have to be on the title?
If the bank requires you to be on the title you can always quitclaim your interest to your wife. I see this often with divorces where one spouse passes their interest over to the other spouse.
If the bank requires you to be on the title you can always quitclaim your interest to your wife. I see this often with divorces where one spouse passes their interest over to the other spouse.
So we could technically both sign the realtor paperwork now, both names and I do a quit claim on the backend?
This feels like the kind of question we should not give advice about, you need to seek legal counsel with an attorney you are willing to share the entire story with, who can give you legitimate legal advice.
This feels like the kind of question we should not give advice about, you need to seek legal counsel with an attorney you are willing to share the entire story with, who can give you legitimate legal advice.
It's a simple story. My name is on the home loan solely, my wife's family is giving us a lot of money towards the house and would prefer her name on the title, not mine. Fine by me, no issues. I'm just trying to figure out how to make that happen. I've asked the realtor and they haven't received a response from the title office if the loan can be in my name solely but my name not on the title.
OK... but unless you know all of us are qualified to give advice in your state, I'd still seek actual legal counsel. I'm sure there's a good way to do what you need. But you need the help of someone who knows not just real estate and finance, but marriage and estate law as well.
Have an attorney write up something that makes it clear. Not that we aren't fun and all... but advice here is really only worth what you pay for it.
OK... but unless you know all of us are qualified to give advice in your state, I'd still seek actual legal counsel. I'm sure there's a good way to do what you need. But you need the help of someone who knows not just real estate and finance, but marriage and estate law as well.
Have an attorney write up something that makes it clear. Not that we aren't fun and all... but advice here is really only worth what you pay for it.
That's going too in depth. Not paying a lawyer for something that's a simple yes/no. Sounds like a basic common knowledge question a title office should be able to answer. Either the borrower can decline to be on the title or they must be on the title because they are the borrower.
I'm not an attorney, but I'll tell you a lender is going to want your name on the title as that's what is collateral for the loan you are signing for. If you're in a community property state, your wife will also be on title with you. If you remove yourself from title and put only your wife, the lender could call due the mortgage as you will be signing something that states the loan is due upon change of title.
You really need to speak with an attorney as a title company is not going to give you an answer to this question. They also don't give legal advice.
I'm no attorney (but I play one on city-data), but there may be a risk of the bank calling the note due in full if this is not done correctly. Check with an estate attorney....this is a risk that my attorney shared with me. Perhaps you can structure a trust to accomplish what you need. Oh, somebody already said this...
You both go on the title (depending upon your state you may want survivorship or tenants in common or whatever). Only you on the loan is fine. Then you each own half, so to speak. The bank will NEVER let you NOT be on the deed if you are taking out the loan.
This is a moot question here, as I am in Ohio which is a state that enforces what are called "dower rights." Which means that no matter if either if you are on the deed (or the mortgage) by yourselves, your spouse has an interest and will always need to sign. No matter what though, if you are on the mortgage you better be on the deed.
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