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Adding names to a mortgage loan

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User273165
Regular Contributor

Adding names to a mortgage loan

I have a question for you guys.....

I am currently under contract on a house and am set to close on Dec 10th. The mortgage amd the house will be in my name only. I am also getting married in Sept 2013. This is where my question comes in....

Once I am married, is there a way to get my wifes name on the deed? How about on the deed and mortgage? I love her amd want to stay with her forever, but if some terrible like a divorce occurs I dont want her to have 50%a ownership of the house amd me with 100% ownership of the debt.

Please let me know what you guys wpuld do in my situation. It wont occur for a while, but I would like to be prepared.

Thanks again
Message 1 of 9
8 REPLIES 8
beb86
Valued Contributor

Re: Adding names to a mortgage loan

To add her on the loan you would have to go through the whole process all over again. In most states she will be requied to be on the deed. My wife is not on my loan but is on the deed (im in KY), so really she legally owns the house but not the debt....must be nice haha

Message 2 of 9
webhopper
Moderator Emeritus

Re: Adding names to a mortgage loan


@AJC1987 wrote:
I have a question for you guys.....

I am currently under contract on a house and am set to close on Dec 10th. The mortgage amd the house will be in my name only. I am also getting married in Sept 2013. This is where my question comes in....

Once I am married, is there a way to get my wifes name on the deed? How about on the deed and mortgage? I love her amd want to stay with her forever, but if some terrible like a divorce occurs I dont want her to have 50%a ownership of the house amd me with 100% ownership of the debt.

Please let me know what you guys wpuld do in my situation. It wont occur for a while, but I would like to be prepared.

Thanks again

 

If she has good credit and low debt it might be very easy to add her to the loan before closing. Otherwise she can be added to the title at closing but she wouldn't be responsible for the note.

you could also do the house just in your name this time and then be joint on the next house or go joint if you ever refinance. I have two houses in my name only on both the note and the title. But I live in a seperate property state so its different. The house I bought before being married makes enough to pay both notes so I'm only out $ on upgrades and repairs.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 3 of 9
ceejx
Established Contributor

Re: Adding names to a mortgage loan


@AJC1987 wrote:
I have a question for you guys.....

I am currently under contract on a house and am set to close on Dec 10th. The mortgage amd the house will be in my name only. I am also getting married in Sept 2013. This is where my question comes in....

Once I am married, is there a way to get my wifes name on the deed? How about on the deed and mortgage? I love her amd want to stay with her forever, but if some terrible like a divorce occurs I dont want her to have 50%a ownership of the house amd me with 100% ownership of the debt.

Please let me know what you guys wpuld do in my situation. It wont occur for a while, but I would like to be prepared.

Thanks again

If it's an asset acquired prior to your marriage, it should stay your asset. As far as 50% ownership w/ 100% debt if it became community property, the court will either force the sale of the house and splitting of equity, or either party buying out the other party's share by money or other assets if they want to stay in the house unless some other agreement was reached in mediation.

Message 4 of 9
ceejx
Established Contributor

Re: Adding names to a mortgage loan


@beb86 wrote:

In most states she will be requied to be on the deed. My wife is not on my loan but is on the deed (im in KY), so really she legally owns the house but not the debt....must be nice haha


I could be wrong, but I believe that's only if it's recorded as a joint asset (in california 50% husband 50% wife ownership) at the time of marriage. If he's getting the house, and it's recorded prior to the marriage, I don't know of a law (at least in CA) that "requires" the spouse to be added to the title. If you are married though at time of title, the spouse would just have to sign a quit deed to be removed.

Message 5 of 9
beb86
Valued Contributor

Re: Adding names to a mortgage loan


@seigex wrote:

@beb86 wrote:

In most states she will be requied to be on the deed. My wife is not on my loan but is on the deed (im in KY), so really she legally owns the house but not the debt....must be nice haha


I could be wrong, but I believe that's only if it's recorded as a joint asset (in california 50% husband 50% wife ownership) at the time of marriage. If he's getting the house, and it's recorded prior to the marriage, I don't know of a law (at least in CA) that "requires" the spouse to be added to the title. If you are married though at time of title, the spouse would just have to sign a quit deed to be removed.


Your right I miss read the post completely..Any property acquired separately before marriage is non-marital property which the court has no authority over....you can buy a house together even if your not married yet, but it will be the same process that you go through. After you are married you can add her to the title giving her ownership....

 

Its late and I need to stop skimming through post!!!

Message 6 of 9
ceejx
Established Contributor

Re: Adding names to a mortgage loan


@beb86 wrote:

Its late and I need to stop skimming through post!!!


Trust me, I know the feeling Smiley Happy

Message 7 of 9
GregB
Valued Contributor

Re: Adding names to a mortgage loan

You guys are trying to come up with a simple answer for an incredibly complex subject. Over the last decade or two, these laws have become stupidly complex. The results of the last few elections have set us down a path to this becoming even more ridiculous, if that is possible.

 

If you buy the house before you get married then that value is your separate property at the time of marriage. If you don't want to pay for a Forensic Appraisal, then have the house appraised at date of marriage. Otherwise be prepared to have several appraisals and have attorneys argue about which ones are valid.

 

If the value goes down, the loss is all yours. If the value goes up then that is partially community assets in a complex set of calculations set down in the case law of Moore-Marsden. A ridiculous over-simplification of these calculations is that you each have a certain amount of equity in the property and get that share of increase. Figure $3-5,000 for Moore-Marsden calculations which may have to be redone several times if you start arguing about Date of Separation.

 

Adding the spouse to the deed makes any changes after that point 50/50. That is a convenient way of preventing some argument later if you get divorced.

 

In this case, the amount of your equity at date of marriage may be minimal in that short amount of time, depending on how much down payment you make and change in value in the next year.

 

It is virtually impossible to keep a house as your separate property if you are living in it. Even then, the prospect of spending $5-10,000 in Forensic Accounting, Appraisal, Forensic Appraisal, and Attorney fees generally make that unappealing. It can be done fairly easily if it is income property.

 

Keep passing those stupid laws and electing those people to keep my income coming in - I need the money.

Message 8 of 9
ceejx
Established Contributor

Re: Adding names to a mortgage loan


@GregB wrote:

You guys are trying to come up with a simple answer for an incredibly complex subject. Over the last decade or two, these laws have become stupidly complex. The results of the last few elections have set us down a path to this becoming even more ridiculous, if that is possible.

 

If you buy the house before you get married then that value is your separate property at the time of marriage. If you don't want to pay for a Forensic Appraisal, then have the house appraised at date of marriage. Otherwise be prepared to have several appraisals and have attorneys argue about which ones are valid.

 

If the value goes down, the loss is all yours. If the value goes up then that is partially community assets in a complex set of calculations set down in the case law of Moore-Marsden. A ridiculous over-simplification of these calculations is that you each have a certain amount of equity in the property and get that share of increase. Figure $3-5,000 for Moore-Marsden calculations which may have to be redone several times if you start arguing about Date of Separation.

 

Adding the spouse to the deed makes any changes after that point 50/50. That is a convenient way of preventing some argument later if you get divorced.

 

In this case, the amount of your equity at date of marriage may be minimal in that short amount of time, depending on how much down payment you make and change in value in the next year.

 

It is virtually impossible to keep a house as your separate property if you are living in it. Even then, the prospect of spending $5-10,000 in Forensic Accounting, Appraisal, Forensic Appraisal, and Attorney fees generally make that unappealing. It can be done fairly easily if it is income property.

 

Keep passing those stupid laws and electing those people to keep my income coming in - I need the money.


one word... pre-nup <-- simple answer for a complex problem Smiley LOL

Message 9 of 9
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