It’s a lot cleaner that way. My husband died in November and he alone is on the mortgage, but i am on the title of the house. Married individual - The individual wishes to acquire the property title in his or her name only. To Irene. He wants me to change his house title to my name. Your children (assuming they are also his) might have a claim on the property should they die, but unless you have a recognized common law marriage, you probably wouldn’t have a claim on the property. Parents, Children, Estates and House Title. The money toward the house IS NOT a gift, so we wanted to be sure they didn’t get hit on taxes for contributing more than the $30K allowed as a gift toward mortgage. I am also on his bank accounts. Spouses have rights to a home without being on the mortgage due to Dower Rights (AB - may be called other things in different provinces), which isn't applicable in this situation. If its joint tenancy and the borrower dies, the lender would be shit out of luck. ... We however, have access to dozens of lenders and the lowest mortgage rates in Canada. My 91 year old dad is planning his estate. -access to the property. Nope. I do not see anything on my credit report (754) for this house do I need to file to protect my self? There’s also the matter of the mortgage. My situation is that my mother has passed away and now the house belongs to my father. Not having … You can't be removed from the mortgage but remain on title. Typically, when a spouse dies, the remaining spouse would be able to take over the mortgage (as you have done) and the mortgage company would simply put the mortgage into your name. Of course, you will contribute equity and cash to pay the mortgage, but you don’t have any legal liability for this debt. jameshogg. If you're not actually answering the question, then make sure your comment looks like a question. How Does Property Title Pass After Death? You need your name on the title only not the mortgage to stake a claim to the property. He stop making mortgage payments. You can then “bill” the cost of those expenses to be subtracted from the gross amount, before the “profit” is shared. Comments suggesting that sharing financial information in a personal finance subreddit is a "humblebrag" will be removed. If it just a bf or gf (not commonlaw yet) then they don't get put on a mortgage unless they co-sign. Homeowners' names can appear on the title and not on the mortgage. I think this post does BOTH for you! What should I do if some thing happens to my husband. This is because if the other person defaulted it would be impossible to evict you. (I understand this is a different situation than what OP is asking about, however), [–][deleted] 1 point2 points3 points 4 years ago (5 children). Buying a Duplex With Friends: Primary Residence or Investment Property? To help people understand what a "marginal rate" would be. Therefore, in our example, if your heirs sold the stock for $110,000 after your death they would pay capital gains tax on $109,000 rather than $10,000. Could you be on the title and not the mortgage? The only debt he had was a credit card with Wells Fargo and I already closed it (Along with his checking account). This mortgage is still in his name only. Money discussions are never easy, but this whole business of putting your name on title is a great opportunity to get it out into the open. The title and deed should be one and the same. You can also own the property as joint tenants with rights of survivorship. This is not my area of expertise, but I'm not aware that there is a legal requirement for both parties in a co-ownership situation to be on title if there is a mortgage. First, if one of the people buying the house actively can't qualify for the mortgage due to bad credit, their name can't be on the deed. There are no other next of kin (never married and I’m an only child). This is a good time to discuss what each of you has and is bringing to the table. [–]sseeeds 0 points1 point2 points 4 years ago (1 child). Are you "richer than you think", and why? If you'd like to host an "I Am A/Ask Me Anything" (IamA/AMA) thread, you must first contact the moderators for approval. To protect your interests further, you and your fiance need to write and sign new wills in which you detail what will happen to the other half of the house you don’t own. My name wasn’t put on the loan but it is on the house. Banking That way, if your fiance dies, you’ll have ownership over the entire house. Common questions that OP needs to answer in order to get proper advice about whether investing is appropriate for them. Does it matter if the tenancy is tenants-in-common or joint tenancy? However by doing so, you are doing more than just adding a name. The death of your fiance would likely be another event that allows the lender to call the loan. Do I still need to go through that process, if yes, is that through the courts? Meta This includes solicitation of referrals, posting your own blog, video channel or personal website, and recommendations for users to do business with you. Insurance, 1) Posts must be about personal finance in Canada. So if you’re on the mortgage, the worst that can happen is that the lender forecloses on the home, takes it back, and you’re left with nothing. I now hold title and it read as “[My Name], a married man as his sole and separate property”. Will I have problems getting my loan closed because I was on the title of that house back This happened back in 2006. If you're ever asked whether you'd rather have your name on a property deed or on the property mortgage, pick option "A." You don’t need to be approved for the mortgage. [–][deleted] 0 points1 point2 points 4 years ago (2 children). What is the actual purpose of these "1% ownership" situations? I'm down on my luck and could use ANY type of job. A trust agreement is basically where they acknowledge they are holding the value of the property in trust for you. You should keep executed copies in a safe place as well, such as a safe deposit box. The lender typically has a lien on the house, meaning that the spouse whose name is on the mortgage does not pay, then the bank can foreclose in order to get their money back. I am wondering: can I legally refi into one loan the homeloan in his name and the heloc in my name taking advantage of the lower interest rates? Often, one spouse will work and the other will not but both are listed on the mortgage and title. T hey can’t seize money in your bank account. The title or deed of a home is separate from the mortgage or loan. [–][deleted] -1 points0 points1 point 4 years ago (2 children). I have a question about a mortgage and a quit claim deed. Or can I make him still pay for the house an let me still live there? Misc But now, years later, I’m about to buy a house. Anyone who is on the Deed of the property being used as collateral must be on the Mortgage. Why don’t you consider officially borrowing the funds from your parents? In BC you have to file an electronic FORM A land transfer at the Land Titles Office to add someone’s name to your property title. This type of transfer likely violates the “due on sale” clause in the mortgage, and could potentially give the lender the right to call the loan. (Also not all nursing home beds are Medicaid-approved, and most are sh—y, but that is another issue) Medicaid has a five-year look back on gifts prior to you/the person needing the care, being eligible for benefits. Posted on: 26th Mar, 2009 03:42 pm. Then some lenders may consider you a first time buyer if you currently rent and are not in a chain as such. If a name is on the title of a home, but not the mortgage, does it show on a credit report? Thanks, My dad wants my name on the deed so when he passes it wont have to go thru probate. If your name isn’t on the loan, it won’t show up on your credit report. If you want to be added to the title of a piece of property, you’ll need the owner of the property to add you via quit claim deed. You’re concerned about getting screwed — that’s a sign you’re not ready to own a property as joint tenants with rights of survivorship. Hello. By adding your name to the title, but not to the mortgage, he is giving you half ownership in the property without any responsibility for making the mortgage payments. [–][deleted] 1 point2 points3 points 4 years ago (1 child). I have a question about Homestead. There is a distinct difference between being on a mortgage loan and being on the title. If you do believe a source fully answers a question then consider including a quote from the source. Thanks! You then have a contractual right to the value. So it is a percentage/partnership, but still the equity gift (via quit-claim) has to be done 5 years in advance of you needing benefits. Family law reforms to create the "matrimonial home" provide the practical result that whether or not mom (or either spouse, but typically mom) was on title or on the mortgage, she is the owner of half the equity in the house upon dissolution of the mortgage. That's not typical in a co-sign situation (a co-signor is a guarantor, not a co-borrower). I have a second property with a joint mortgage that is rented and i am now looking to sell asap. Before you take the rash step of filing another quit claim deed, please talk with an estate attorney. They will look for any missteps and noncompliance with their rules You need to be careful to do this correctly, to not do fraud, to leave assets/early-inheritance for your kid/family etc, and have yourself still be eligible for benefits if/when you need them. I’m so worried about this. Keep disagreements polite. 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