Deed of trust - California

What is the name of your state? California

I have a family buying a house in california, both husband and wife wants to be on the title. Husband is the only borrower, since he is the only one working in the family.

The lender wants both husband and wife to sign the deed of trust. Is this how it is done in Calfironia?

[MortgageGuru]

Yes. And what exactly is wrong with that. Both want to be on the title correct?

[HomeGuru]

Originally Posted by rksuresh

What is the name of your state? California

I have a family buying a house in california, both husband and wife wants to be on the title. Husband is the only borrower, since he is the only one working in the family.

The lender wants both husband and wife to sign the deed of trust. Is this how it is done in Calfironia?

**A: no, but it is done in most states including the state between Oregon and the country of Mexico.

[MortgageGuru]

Yes. The lender will require the signature of the spouse on the deed. Afterwards, the spouse can sign a quit claim deed at closing in order to be removed from it.

The wife can definatly be on the title. She will be the co-borrower. They will most likely state her occupation as homemaker.

[HomeGuru]

Originally Posted by nyki31

The wife can definatly be on the title. She will be the co-borrower. They will most likely state her occupation as homemaker.

**A: and that's the hardest occupation in the world.

[Ciarraine]

If the husband and wife are on the Deed, the husband and wife own the property. A Deed of Trust is a transfer of rights of ownership to a lender for the purpose of collateralizing a debt. To transfer the collateral for the loan, the owners need to sign the Deed of Trust, and some other documents that pertain to the transfer of collateral (e.g. the HUD-1, Truth in Lending, and in a refi, the Right of Recission). One person alone cannot transfer the collateral. If the lender forecloses the loan, it's the house the lender wants, not just the husband's half of the house.

The Note is the document creating the loan, and most of the closing papers support the Note. The husband alone can be on these and he can be the person solely responsible for repaying.

Until he doesn't. And the wife loses her equity in the house too. That's the way the cookie crumbles.