Home Buying in 60455>Question Details

Inno, Home Buyer in 49251

I am married but I signed a loan package for mortgage with just my name. Do I have to put my wife's name on the title or the deed? Thanks

Asked by Inno, 49251 Tue Feb 21, 2012

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No you do not however, she will need to sign a quitclaim deed (sometimes erroneously referred to as a "quick-claim" deed) which is a legal instrument by which the owner of a piece of real property, called the grantor, transfers his interest to a recipient, called the grantee.[1] The owner/grantor terminates (“quits”) his right and claim to the property, thereby allowing claim to transfer to the recipient/grantee.

Another common use for a quitclaim deed is in divorce, whereby one spouse terminates any interest in the jointly owned marital home, thereby granting the receiving spouse full rights to the property. For example, when a wife acquires the marital home in a divorce settlement, the husband could execute a quitclaim deed eliminating his interest in the property and transferring full claim to the wife quickly and inexpensively.[2]

I hope this is helpful...
Summer Lynne Perry
SummerLynnePerry.com

References

1.^ Lectlaw, s.v. "Quitclaim Deed", retrieved 10 Feb 2011. [1].
2.^ Dukeminier, Jesse; James Krier, Gregory Alexander, Michael Schill (March 2006). Property (7th ed.). Aspen Publishers. ISBN 0-7355-8899-6.
1 vote Thank Flag Link Tue Feb 21, 2012
If you live in California, your spouse signs the QCD enabling you to process a mortgage.
Some states don't require a QCD. They may require a warranty deed and the spouse to sign the settlement statement and another doc or two.

This happens a lot of times IF the non borrowing spouse has bad credit and cannot be on the loan for one reason or another.

I had one where the spouse owed back payments for child support from a previous marriage.
The child support payments killed the debt ratio and couldn't qualify for the loan.

Tax liens, bad credit, Bankruptcy or short-sale seasoning requirements, too much debt, wage garnishments etc are other reason that would prevent a spouse from being on a mortgage.

NOTE: Fannie Mae and Freddie Mac look at a short-sale JUST LIKE a foreclosure!!
Fannie/ Freddie require 7 yr seasoning. FHA requires three years seasoning from the date of the disposition. NOT the commencement of the foreclosure process.

http://www.zerocostlending.com
888-838-9898
0 votes Thank Flag Link Thu Aug 1, 2013
Hello Inno,
Your wife does not have to be on the title or deed, however, if she is not, she will still need to be at the closing to waive her homestead rights, by signing a couple of documents.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294 direct
0 votes Thank Flag Link Thu Feb 23, 2012
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