#1) If her income isn't needed and there is an appreciable difference in the rates/terms that you would receive, then just put yourself on the mortgage. You can always include your wife's name on the title to the property at settlement. If the mortgage holder were to find that you had died, your wife would almost certainly have to qualify for a loan based on her ability to repay the loan at whatever the then current rates are. In reality, if your wife continues to make the mortgage payments on a timely basis after your death, it is highly unlikely that the holder of mortgage would ever know the difference. The question is could she continue to pay? If she will continue to be a home maker, it makes a good case for some life insurance.
#2) She could be added later for a nominal fee to re-record, but just do it at the original settlement to avoid the hassle & expense.
#3) If you were the only one on the mortgage, you would solely be responsible for making the payments, but your wife would own part of the property should there be problems with your marriage down the road. Not a subject any married couple would like to ponder, but that is the real possible downside that we see.
#4) You can certainly use your middle name or initial if you choose, but would recommend that you use your full legal name.
Hopefully, this answers your questions, but let us know if something was missed.
Now I'll get on my personal soapbox. Due to how the Regional Contract for real estate is written here in Northern Virginia, I would highly recommend that you use a local lender and from personal experience I would suggest it be a direct lender over a broker, though other agents & lenders will differ on this. I highly recommend Graham Setliff at First Savings Mortgage, www.grahamsetliff.com , just to see if you might find more favorable rates/terms.
Best of luck and let us know how it turns out... more
I can help you to find a rental in Arlington. Send me the details of your preferred unit, price, rental date, size, amenities, pets, etc., and I'll set you up with an account that you can search from anywhere! It is updated every 30 minutes so you will be sure to view only those that are fully available.
Contact me today!
CRS, ABR, SRES, SFR, CDPE, CDRS... more
Just the deed, not the mortgage. Both would have to be on the loan application from the beginning.
Elliott R. Oliva
Realtor |“Servicio en Espanol”
703.344.8153 direct | 703.636.7300 office
Keller Williams – McLean 6820 Elm St. #100 McLean, VA 22101
National Association of Hispanic Real Estate Professional (NAHREP)
NAHREP DC Metro-Board of Directors... more
In this scenario your best bet is to get a document via your fiances business stating the legalities of him putting the home in his business name, and requesting a free consultation from a local property lawyer. Please see the provided link below to expedite your search. Hope this helps and make it a great day.... more
You need professional advice on this. Why? if the bank is no longer in business, some other bank or entity may now hold the paper. Start at the Arlington Courthouse, contact a good real estate attorney and have them do a search.
Don't think that just because the bank is gone, the equity line is forgiven.
Keller Williams Arlington
Voted one of Arlington's best Realtors 2013... more
Yes. But talk to a real estate or settlement attorney to make sure the form of ownership meets your objective. In the event of your demise, should the other person on the deed become the sole owner or should your portion it go to your estate or your heirs? It is probably worth the money to make sure you get it right.... more
One of things you mentioned was to add your name onto the title, and pay the mortgage. Yes, you can do that, however you should see a Real Estate Lawyer to draw the paperwork.
Currently you should make sure the home is in a "Trust" with both parents name on the deed.
Another option is to have the home "quit claim" deed to you. (But again, see a Real Estate Attorney)
Best to you and Family,
Go to an office supply store like staples, and get a grant deed. Get it notarized then take it to the county recorder's office and have it recorded. That will put your wife on title, there's really no need for her to be on the mortgage. However most mortgage companies will add your wife's name to the loan as a contact person.... more
To make sure you will be...what? Officially an owner? You need to see an attorney and get your name also put on the deed of the property in order to legally be an owner. If you just give your boyfriend money for his refinance and they add your name onto the loan, you will be legally responsible for paying the loan back but not have any ownership rights unless your name is added to the deed. Get to an attorney and get your name added to the deed.... more
I will preface this answer by saying that I'm not an attorney and you should seek proper counsel as this sounds as if you may have a dispute, or you just may be seeking information before committing yourself to a mortgage with someone. That being said, if your name is on the loan documents, you are jointly responsible for the mortgage, period. The bank is holding all parties on the note responsible for making the payment in full and on time. If you need legal counsel, I can recommend an attorney.... more
I'm not a Virginia agent, and this is the sort of 'grey' area, that would hinge on local customs and traditions. But when worried about things like this... simply clarify it by writing the porch swing into the contract.
In Illinois, where I practice, since the porch swing is "hanging" (not screwed into the ceiling)... it would likely not convey, unless the seller agreed to leave it behind.... more
It depends on the kind of loan you have on your house and what the interest rate is, and buyer's ability to qualify etc. Typically, when you sell your house with a conventional mortgage the mortgage is paid off at settlement. The buyer will get their own mortgage, and that combined with their down payment will be used to pay off what you owe. Your mortgage would be closed and the buyer has their own, separate mortgage.
If your current mortgage is "assumable" which is the case with FHA and VA mortgages, then, if the buyer gets approved to take over your mortgage, it could happen.... more
Yes. Absolutely. Your boyfriend's name will have to remain on the deed, but you can do that. This happens a lot with relocation. Often one spouse is being transferred and the other will have not job to verify. In this case, they only need one spouse for the mortgage, but the trailing spouse can be on the deed. You just need to let the closing attorney know how you want to take title and it can be done prior to closing. You will have to be at the closing to sign the deed if your name is to be on it.... more
The only way they communicate with you is via mail. They will rarely reach out to help you unless you have initiated a short sale. Please call or e-mail me to discuss privately. If you got that letter, you don't have a lot of time. I am happy to help you sort this out.
Loans are often sold more than once or serviced by someone else.
What you are suggesting is ASSUMING the loan:
There are hardly any Assumable Loans done any more;
and in any case, you would have to go through the application and approval process to be Okay'd by the Lender.
Good luck and may God bless... more
It is pretty difficult to make anyone sell their house if they don't wish to, contract or not. It seems your options are:
A. move on and find another property (you get your earnest money back)
B. contact a lawyer to ask what your options are
C. have your agent(s) speak to the sellers and express you concerns and desire to purchase the house as contracted for... more
Definitely want to speak with a real estate attorney. You may want to start with a title company though since they have attorneys in house that specialize in these matters and they can assist you with adding your name to the deed.... more
Was your wife on the loan application? Was her income and credit used to qualify for the refinance? If so, then yes, she is on the mortgage. If you are the only one that applied then no, she is not on the mortgage but would have likely been added to the title.... more
hi...just because they would put that amount in remodeling, doesn't mean the value will increase dollar for dollar....especially with a condo..it probably won't......financing condos is very tough now anyway.....nothing against you guys...it's the collateral that's the usual problem....
before doing anything..have your lender check the association name and be sure it can be financed at all...
very best regards....