Deed Legalities

My wife and I are getting a new first mortgage based on the equity in her parent's home. My wife is presently on the deed to the home.

To do this, I'm told that I have to be added to the deed so my income can be used to qualify the loan.

My question is this: After the loan closes are there any legalities with removing me from the deed?

Sorry, forgot to mention that I am in New York.. Westchester County.

[HomeGuru]

Originally posted by jpfletch
My wife and I are getting a new first mortgage based on the equity in her parent's home. My wife is presently on the deed to the home.
**A: if the home is free and clear and has no mortgage, then it would be a first mortgage. Otherwise it would be a second.
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To do this, I'm told that I have to be added to the deed so my income can be used to qualify the loan.
**A: see if the lender can use you as a mortgage accomodator.
Where you are not on the deed but on the mortgage.
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My question is this: After the loan closes are there any legalities with removing me from the deed?

**A; yes, the lender may not approve. Anyway, if you would be on the mortgage, keep your name on the deed. That way you have property ownership.

I understand.. The issue lies in that we are trying to get the money to purchase another home.

If my in-laws don't want me to have ownership of their house (which is what the mortgage is based on) I am concerned that upon my removal from the deed a "due upon transfer" clause can be executed on the mortgage.

Does anybody know if this is the case?