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Mortgage & title in one name; can title alone be reissued in two names?

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akgildea

Junior Member
What is the name of your state (only U.S. law)? VA

I am in the midst of a separation (the other party is not a legal spouse). As part of our presently amicable understanding, we have agreed that the proceeds from the home we have owned and cohabited for ten years will be split evenly at the time we agree to sell it -- which may not be for several years (i.e., one of us will continue to live in it as primary residence, with kids).

The home is presently mortgaged under the other party's name alone. It had once been under both our names, but when we last refinanced 4 years ago, I was unemployed (and the stay-at-home parent). So it was deemed simpler to just refi under the other party's name alone rather than have my no-income status play a part in consideration of the loan. Thus the present situation.

Other party is in favor of plan to treat house as jointly held property (50/50) at such time as we agree to sell it; this is of course great, as far as it goes. I would like to have my name added legally as a co-owner of the property. We have already investigated refinancing the house again in order to get a loan in both our names, but determined it is fiscally unwise to do that given our circumstances.

What can I do to have my name added to the deed so that division of the property will legally be required to be disbursed 50/50 at the time we sell it, whenever that may be?
 


FlyingRon

Senior Member
Getting added to the deed is easy. Have a new deed written up granting from him to the both of you. That gives you half ownership. You don't need to do anything with the mortgage. There's a slight possibility that the bank may notice and possibly try a due-on-sale invocation, but I suspect that's unlikely (especially if payments are being made timely).

The risk to you is he stops paying the mortgage and the bank forecloses wiping out your interest. You're also liable if he neglects to pay the property tax, HOA dues, or other such expenses. The risk to him is that you get half the house without being obligated on the loan at all.
 

HomeGuru

Senior Member
What is the name of your state (only U.S. law)? VA

I am in the midst of a separation (the other party is not a legal spouse). As part of our presently amicable understanding, we have agreed that the proceeds from the home we have owned and cohabited for ten years will be split evenly at the time we agree to sell it -- which may not be for several years (i.e., one of us will continue to live in it as primary residence, with kids).

The home is presently mortgaged under the other party's name alone. It had once been under both our names, but when we last refinanced 4 years ago, I was unemployed (and the stay-at-home parent). So it was deemed simpler to just refi under the other party's name alone rather than have my no-income status play a part in consideration of the loan. Thus the present situation.

Other party is in favor of plan to treat house as jointly held property (50/50) at such time as we agree to sell it; this is of course great, as far as it goes. I would like to have my name added legally as a co-owner of the property. We have already investigated refinancing the house again in order to get a loan in both our names, but determined it is fiscally unwise to do that given our circumstances.

What can I do to have my name added to the deed so that division of the property will legally be required to be disbursed 50/50 at the time we sell it, whenever that may be?

**A: this is not a do it yourself project. Hire an attorney.
 

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