Need lender's OK for new Form of Ownership?

[spooky]

My State: Indiana

I plan to be married soon. I currently own a home as Sole Owner. After marriage, we plan to change the Form of Ownership to "Tenants in the Entirety." I understand this can protect our home against liens by a creditor of either of us (but not against liens for contracts that we've both signed or in which we've both participated actively).

My main question: Must we obtain permission of any current lienholders on the property (first mortgagor, second mortgagor, etc.) in order to make this change in Form of Ownership? Or can we merely execute a Quitclaim Deed in the new Form of Ownership?

A secondary question occurs to me, too: Will "Tenancy in the Entirety" protect a home against an IRS lien that involves just one of the two spouses?

[seniorjudge]

Q: I plan to be married soon. I currently own a home as Sole Owner. After marriage, we plan to change the Form of Ownership to "Tenants in the Entirety." I understand this can protect our home against liens by a creditor of either of us (but not against liens for contracts that we've both signed or in which we've both participated actively).

A: That's a maybe; in some states, unless the land is purchased by husband and wife, it does not get the full advantage of a tenancy by the entirety. (Check with a real estate lawyer in your area about this one.)


Q: My main question: Must we obtain permission of any current lienholders on the property (first mortgagor, second mortgagor, etc.) in order to make this change in Form of Ownership?

A: Yes. Otherwise, it may trigger the due in full on transfer clause in your loan.


Q: A secondary question occurs to me, too: Will "Tenancy in the Entirety" protect a home against an IRS lien that involves just one of the two spouses?

A: No.

[HomeGuru]

My answers would be no, yes and no in that order.