Adding Name to a Mortgage Deed

[ibeetb]

What is the name of your state? Virginia

I would like to add someone to my mortgage deed without adding them on the loan. Is this possible and what would need to be done? Do I contact the title company?

[temple]

Why on earth would you want to do that?

[FlyingRon]

You do understand that there is no such thing as "adding someone to a deed." What you are doing is "deeding" (that is giving away) part of your ownership of the property to the other person. There are serious implications of this for the both of you. Not the least of which is that the mortgage company may immediately make your loan due if they find out (unless this person is your spouse or child).

To answer the original question, you get someone to prepare the deed (a title company or a lawyer can typically do it). You have your signature notarized on it and you take it down to the court house and file it.

Put please be careful.

[tranquility]

Remember, too, that you will still be fully responsible for the loan and, although the loan can be foreclosed by the bank as its rights are superior, you cannot sell without the other party agreeing. Also, although banks are not that insistent on things in this current market, such a transfer may make the loan due, including pre-payment penalties.