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  • April 19, 2009 at 5:16 PM #15525
    KIBU
    Participant

    Could someone explain to me the dis/advantages of having one person owns the mortgage and 2 persons own the deed ???

    First of all, is that possible???

    Example:

    The husband’s name is on the mortgage application. Then when you do closing, does the wife has to sign the quit claim deed (per the bank request) ??? or can the wife be legal co-owner of the house as well ??? Does the bank allow that? What if the husband die , what will happen then ???

    April 19, 2009 at 8:44 PM #384379
    urbanrealtor
    Participant

    Typically, the bank will not allow vesting on the deed to differ from that on the mortgage.

    What I do in this situation is to have an escrow friend draw up a blank or completed deed (adding the wife or whomever back on) following the close.

    Generally, the escrow that closes it won’t be willing to help you on this.

    April 19, 2009 at 8:44 PM #384650
    urbanrealtor
    Participant

    Typically, the bank will not allow vesting on the deed to differ from that on the mortgage.

    What I do in this situation is to have an escrow friend draw up a blank or completed deed (adding the wife or whomever back on) following the close.

    Generally, the escrow that closes it won’t be willing to help you on this.

    April 19, 2009 at 8:44 PM #384846
    urbanrealtor
    Participant

    Typically, the bank will not allow vesting on the deed to differ from that on the mortgage.

    What I do in this situation is to have an escrow friend draw up a blank or completed deed (adding the wife or whomever back on) following the close.

    Generally, the escrow that closes it won’t be willing to help you on this.

    April 19, 2009 at 8:44 PM #384896
    urbanrealtor
    Participant

    Typically, the bank will not allow vesting on the deed to differ from that on the mortgage.

    What I do in this situation is to have an escrow friend draw up a blank or completed deed (adding the wife or whomever back on) following the close.

    Generally, the escrow that closes it won’t be willing to help you on this.

    April 19, 2009 at 8:44 PM #385032
    urbanrealtor
    Participant

    Typically, the bank will not allow vesting on the deed to differ from that on the mortgage.

    What I do in this situation is to have an escrow friend draw up a blank or completed deed (adding the wife or whomever back on) following the close.

    Generally, the escrow that closes it won’t be willing to help you on this.

    April 20, 2009 at 2:20 PM #384682
    UCGal
    Participant

    I’m about to learn the ins and outs of this in my refi…

    House currently owned by the family trust (owned by me and hubby).

    Mortgage will be in my name only. (Husband’s job downsized recently and we qualified on just mine… so why not.)

    As I understand it, the deed will get transfered from the trust, then back into the trust, at the time of the refi. Not sure if hubby will have to sign.

    I’m sure Sheldon (HLS) knows the answer for sure since refi’s and new home loans are his business.

    April 20, 2009 at 2:20 PM #384954
    UCGal
    Participant

    I’m about to learn the ins and outs of this in my refi…

    House currently owned by the family trust (owned by me and hubby).

    Mortgage will be in my name only. (Husband’s job downsized recently and we qualified on just mine… so why not.)

    As I understand it, the deed will get transfered from the trust, then back into the trust, at the time of the refi. Not sure if hubby will have to sign.

    I’m sure Sheldon (HLS) knows the answer for sure since refi’s and new home loans are his business.

    April 20, 2009 at 2:20 PM #385151
    UCGal
    Participant

    I’m about to learn the ins and outs of this in my refi…

    House currently owned by the family trust (owned by me and hubby).

    Mortgage will be in my name only. (Husband’s job downsized recently and we qualified on just mine… so why not.)

    As I understand it, the deed will get transfered from the trust, then back into the trust, at the time of the refi. Not sure if hubby will have to sign.

    I’m sure Sheldon (HLS) knows the answer for sure since refi’s and new home loans are his business.

    April 20, 2009 at 2:20 PM #385199
    UCGal
    Participant

    I’m about to learn the ins and outs of this in my refi…

    House currently owned by the family trust (owned by me and hubby).

    Mortgage will be in my name only. (Husband’s job downsized recently and we qualified on just mine… so why not.)

    As I understand it, the deed will get transfered from the trust, then back into the trust, at the time of the refi. Not sure if hubby will have to sign.

    I’m sure Sheldon (HLS) knows the answer for sure since refi’s and new home loans are his business.

    April 20, 2009 at 2:20 PM #385338
    UCGal
    Participant

    I’m about to learn the ins and outs of this in my refi…

    House currently owned by the family trust (owned by me and hubby).

    Mortgage will be in my name only. (Husband’s job downsized recently and we qualified on just mine… so why not.)

    As I understand it, the deed will get transfered from the trust, then back into the trust, at the time of the refi. Not sure if hubby will have to sign.

    I’m sure Sheldon (HLS) knows the answer for sure since refi’s and new home loans are his business.

    April 20, 2009 at 6:45 PM #384843
    HLS
    Participant

    I have never had ANY problem with someone being on the deed but not on the loan.
    I see no advantage to having someone on a loan if their income is not needed to qualify.
    The lower borrower’s credit score is used, not the highest. Having a spouse on a loan can end up costing a bunch of extra money.

    If you are on a loan, then you must be on the deed.
    Being on the loan is financial responsibility.
    Being on the deed is ownership.

    A spouse not on the loan will need to sign a few documents. Properties can be transferred in and out of trusts regardless of who is on the loan.

    A foreclosure will only affect the person who is on the loan, not all who are on the deed.
    *Consult your attorney for legal advice*

    April 20, 2009 at 6:45 PM #385113
    HLS
    Participant

    I have never had ANY problem with someone being on the deed but not on the loan.
    I see no advantage to having someone on a loan if their income is not needed to qualify.
    The lower borrower’s credit score is used, not the highest. Having a spouse on a loan can end up costing a bunch of extra money.

    If you are on a loan, then you must be on the deed.
    Being on the loan is financial responsibility.
    Being on the deed is ownership.

    A spouse not on the loan will need to sign a few documents. Properties can be transferred in and out of trusts regardless of who is on the loan.

    A foreclosure will only affect the person who is on the loan, not all who are on the deed.
    *Consult your attorney for legal advice*

    April 20, 2009 at 6:45 PM #385310
    HLS
    Participant

    I have never had ANY problem with someone being on the deed but not on the loan.
    I see no advantage to having someone on a loan if their income is not needed to qualify.
    The lower borrower’s credit score is used, not the highest. Having a spouse on a loan can end up costing a bunch of extra money.

    If you are on a loan, then you must be on the deed.
    Being on the loan is financial responsibility.
    Being on the deed is ownership.

    A spouse not on the loan will need to sign a few documents. Properties can be transferred in and out of trusts regardless of who is on the loan.

    A foreclosure will only affect the person who is on the loan, not all who are on the deed.
    *Consult your attorney for legal advice*

    April 20, 2009 at 6:45 PM #385358
    HLS
    Participant

    I have never had ANY problem with someone being on the deed but not on the loan.
    I see no advantage to having someone on a loan if their income is not needed to qualify.
    The lower borrower’s credit score is used, not the highest. Having a spouse on a loan can end up costing a bunch of extra money.

    If you are on a loan, then you must be on the deed.
    Being on the loan is financial responsibility.
    Being on the deed is ownership.

    A spouse not on the loan will need to sign a few documents. Properties can be transferred in and out of trusts regardless of who is on the loan.

    A foreclosure will only affect the person who is on the loan, not all who are on the deed.
    *Consult your attorney for legal advice*

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