My wife cannot qualify to be on our Mortgage because she has POOR credit. I am appyling for the home loan by myself. I assume I cannot easily just add her after the closing. What is the best way to add my wife to the title after the home is bought or down the road. If I can't due to her POOR credit what options do I have to make sure if something happens to me it is easily passed on to her without any finaicial impact (as if she was on the title)
Have you looked into the possibility of only your name on the promissory note to the bank, and your wife and yourself on the deed as husband and wife, and you and your wife on the mortgage as well? It might be worth a shot, and save you money for drawing up and recording a deed after the closing.
If both of you will not qualify for a mortgage due to her bad credit than you apply and close. After the closing you might record a deed from you to both of you by the entirety. This means as husband and wife. But you must be legally married not common law because it does not exist in ny. Technically the bank can foreclose but typically will not.
I agree with what Attorneys Schulman and Hermandez have suggested and both correct, but I believe Mr. Hernandez is correct for the wrong reason. Schulman suggests you have your wife go into title (the deed) and the mortgage, but not the note. (The note and mortgage are separate and this is not unusual to have one on both but the other not on the note). If the lender doesn't want to allow that (and I cannot imagine why) then you can always add her later. Where Mr. Hernandez is incorrect (in my opinion) is that the bank cannot foreclose under that circumstance (he suggests they can but don't usually). Under the Garn-St. Germain Federal Depositary Institutions Act (12 U.S.C. 1701-j) there are several types of transfers for which a lender cannot foreclose, including "a transfer where the spouse or children of the borrower become an owner of the property."
I'm 3 "most helpful" answers away from a free blender! I may be guessing or not licensed in your state. No atty/client relationship exists. Who reads these disclaimers anyway? If you're reading this, let me know because I'm curious. Did you know that a watched pot never boils and that a stitch in time saves nine? Or that a rolling stone gathers no moss? Honestly, I am surprised that you are still reading this disclaimer. Personally, I normally don’t pay much attention to these things. I am impressed and commend you for taking the time. I never actually anticipated anyone would ever get this far into my disclaimer and I only wish I had something more meaningful to say. Thank you for bearing with me and for sticking it out to the end.
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