- This topic has 15 replies, 4 voices, and was last updated 15 years, 4 months ago by
HLS.
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April 19, 2009 at 5:16 PM #15525April 19, 2009 at 8:44 PM #384379
urbanrealtor
ParticipantTypically, 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 #384650urbanrealtor
ParticipantTypically, 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 #384846urbanrealtor
ParticipantTypically, 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 #384896urbanrealtor
ParticipantTypically, 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 #385032urbanrealtor
ParticipantTypically, 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 #384682UCGal
ParticipantI’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 #384954UCGal
ParticipantI’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 #385151UCGal
ParticipantI’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 #385199UCGal
ParticipantI’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 #385338UCGal
ParticipantI’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 #384843HLS
ParticipantI 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 #385113HLS
ParticipantI 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 #385310HLS
ParticipantI 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 #385358HLS
ParticipantI 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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