Regarding House Title

[maxinkdub]

What is the name of your state (only U.S. law)? Wisconsin

Currently, the house my wife and I bought has both of our names on the title/deed. She is quickly running out of funds, so her parents are going to refinance the house for her. She said this will remove my name from the title. Three questions:
1) since my name is on the title, does she need my permission to do this?
2) Will refinancing the house remove my name from the title?
3) Aren't I entitled to something in all this, as I spent the last nine years paying for the house?

Many thanks in advance for any responses!

Eric

 

[Silverplum]

What is the name of your state (only U.S. law)? Wisconsin

Currently, the house my wife and I bought has both of our names on the title/deed. She is quickly running out of funds, so her parents are going to refinance the house for her. She said this will remove my name from the title. Three questions:
1) since my name is on the title, does she need my permission to do this?
2) Will refinancing the house remove my name from the title?
3) Aren't I entitled to something in all this, as I spent the last nine years paying for the house?

Many thanks in advance for any responses!

Eric

"If you're married, Wisconsin's Marital Property Act affects how you own property. The law presumes that all property owned by spouses is marital property, belonging to both of you equally, but you may have individual ownership, if you desire. A lawyer can advise you on your options for holding title." http://www.wisbar.org/AM/Template.cfm?Section=Consumer_Resources&Template=/CM/ContentDisplay.cfm&ContentId=92172

"See also the State Bar's pamphlet, Answering Your Legal Questions About Marital Property."
http://www.wisbar.org/AM/Template.cfm?Section=Consumer_Resources&Template=/CM/ContentDisplay.cfm&ContentId=92180

Stick around for a response from nextwife. She's in RE in your state.

 

[tranquility]

What is the name of your state (only U.S. law)? Wisconsin

Currently, the house my wife and I bought has both of our names on the title/deed. She is quickly running out of funds, so her parents are going to refinance the house for her. She said this will remove my name from the title. Three questions:
1) since my name is on the title, does she need my permission to do this?
2) Will refinancing the house remove my name from the title?
3) Aren't I entitled to something in all this, as I spent the last nine years paying for the house?

Many thanks in advance for any responses!

Eric

Refinancing the home will not remove your name from the deed. It just removes it from the loan. To remove you from the deed, she needs your permission. (Or, a court order of partition.)

 

[LdiJ]

What is the name of your state (only U.S. law)? Wisconsin

Currently, the house my wife and I bought has both of our names on the title/deed. She is quickly running out of funds, so her parents are going to refinance the house for her. She said this will remove my name from the title. Three questions:
1) since my name is on the title, does she need my permission to do this?
2) Will refinancing the house remove my name from the title?
3) Aren't I entitled to something in all this, as I spent the last nine years paying for the house?

Many thanks in advance for any responses!

Eric

Can we assume that you are getting divorced? You are each responsible for 1/2 of the marital debts and each entitled to 1/2 of the marital assets. That doesn't mean however that each asset and each debt has to be split separately. You could come up with all kinds of different splits as long as, in the end, you each get 1/2 of marital assets and are each responsible for 1/2 of marital debts.

If your home has any equity, (which it may not in today's market) then you would be entitled to have 1/2 of that equity be on your side of the ledger. However, if the home has no equity, or only enough equity to cover real estate and closing costs at a sale of the home, then there would be nothing to divide.

If her PARENTS are going to be refinancing the house, then I would expect for that to be treated as a sale of the home, which means that absolutely yes, you would need to be off the title.

 

[nextwife]

Actuaally, her parents CANNOT "refinance" the house without your permission, they can pay off the loan, however. No lender will do a mortgage unless all owners sign off allowing the securitization of the collateral they own.