adding spouse to the title of the house

[bobo 2]

In order to add spouse to the title of the house I've got different answers from CitiMortgage representatives:

a) with mortgage refinancing: the added spouse will be on the title and also will be financial responsible

b)without mortgage refinancing: the added spouse will be on the title but not financial responsible

c) adding spouse to the title (with or without mortgage refinancing) makes he/her financial responsible

I am confused, so please guys who added your spouse to the title of your house, what did you do, did you have to refinance or not? What if the spouse to be added doesn't have a job?

Thank you!

[Betsy 0]

This can vary depending on the state your property is located. For example, California has a few different ways you can take title.

[bobo 2]

This can vary depending on the state your property is located. For example, California has a few different ways you can take title.

The state is Pennsylvannia.

[diadromous mermaid 36]

In order to add spouse to the title of the house I've got different answers from CitiMortgage representatives:

a) with mortgage refinancing: the added spouse will be on the title and also will be financial responsible

b)without mortgage refinancing: the added spouse will be on the title but not financial responsible

c) adding spouse to the title (with or without mortgage refinancing) makes he/her financial responsible

I am confused, so please guys who added your spouse to the title of your house, what did you do, did you have to refinance or not? What if the spouse to be added doesn't have a job?

Thank you!

Adding a spouse to a title is not the same as becoming a co-obligor on the note/mortgage/loan. What is it that you wish to accomplish?

[rebeccajo 14]

Diaddie is correct. The only way one can be financially responsible is to sign the note. In any state.

And in any state, there are always several ways to 'take title'. But being on the deed shows ownership no matter how you slice it. Or what state the property is in.

Whoever told you that a spouse on the deed (and only the deed) makes them financially responsible was incorrect.

Your lender may have a policy of nixing the addition of your spouse to the title from the standpoint of any future foreclosure action (don't be offended - every decision they made about your loan approval took their risk level into account). That will vary from state to state and I refuse to go any further with that as I AM NOT A LAWYER!

Edited July 18, 2006 by rebeccajo

[sadie33138 0]

You might ask here:

http://forum.freeadvice.com/forumdisplay.php?f=60

[edsperfect 25]

Diaddie is correct. The only way one can be financially responsible is to sign the note. In any state.

And in any state, there are always several ways to 'take title'. But being on the deed shows ownership no matter how you slice it. Or what state the property is in.

Whoever told you that a spouse on the deed (and only the deed) makes them financially responsible was incorrect.

Your lender may have a policy of nixing the addition of your spouse to the title from the standpoint of any future foreclosure action (don't be offended - every decision they made about your loan approval took their risk level into account). That will vary from state to state and I refuse to go any further with that as I AM NOT A LAWYER!

Be careful doing what you are doing. Most notes provide that if you change the ownership of the house they have the right to call the loan. Now it is rare that they do that but it can happen

[diadromous mermaid 36]

Diaddie is correct. The only way one can be financially responsible is to sign the note. In any state.

And in any state, there are always several ways to 'take title'. But being on the deed shows ownership no matter how you slice it. Or what state the property is in.

Whoever told you that a spouse on the deed (and only the deed) makes them financially responsible was incorrect.

Your lender may have a policy of nixing the addition of your spouse to the title from the standpoint of any future foreclosure action (don't be offended - every decision they made about your loan approval took their risk level into account). That will vary from state to state and I refuse to go any further with that as I AM NOT A LAWYER!

Be careful doing what you are doing. Most notes provide that if you change the ownership of the house they have the right to call the loan. Now it is rare that they do that but it can happen

And I'll add that in a handful of states the spouse, if female, may already hold survivorship title anyway, even if not named on the deed, as dower and curtesy rights are still upheld (although I don't believe Pennsylvania is one of them).

[bobo 2]

In order to add spouse to the title of the house I've got different answers from CitiMortgage representatives:

a) with mortgage refinancing: the added spouse will be on the title and also will be financial responsible

b)without mortgage refinancing: the added spouse will be on the title but not financial responsible

c) adding spouse to the title (with or without mortgage refinancing) makes he/her financial responsible

I am confused, so please guys who added your spouse to the title of your house, what did you do, did you have to refinance or not? What if the spouse to be added doesn't have a job?

Thank you!

Adding a spouse to a title is not the same as becoming a co-obligor on the note/mortgage/loan. What is it that you wish to accomplish?

I want to be added on the deed and also to be financially responsible, to be a fair process. If we refinance we will not be able to get the same good interest rate (now is a 30 years fixed at 5.38%), but about 6.5%, so it will be not a smart thing to do, financially speaking.

If we do not refinance and just do spouse addition to the deed, than I will not be responsible, and I don't want this. But in this case it seems the bank could (will?) reconsider the initial loan and the interest rate for the new loan will be again about 6.5%. So no matter what we do, to be both of us on the title and responsible for the mortgage will cost us a lot of money in interest.

Any other thoughts?

[w¡n9Nµ7 §£@¥€r 123]

... and I refuse to go any further with that as I AM NOT A LAWYER!

did mdudall im you while you were typing that?

So no matter what we do, to be both of us on the title and responsible for the mortgage will cost us a lot of money in interest.

If that's the case, then don't do it.