Posted by River City on September 23, 2007 at 09:10:35:
The lender will return the documents (Note and Deed, either Security Deed or Trust Deed, etc depending on your state) signed by the borrower at closing. These documents will be marked as satisfied. The “title” on the property, which is the most important part, is the same as prepared by the attorney in the warranty deed. You should have kept a copy of this document, although it was recorded by the attorney. In this document, your wife deeded half of the property to you. This was a legal document and should appear on tax schedules, etc.
How to add a name on a deed after a loan pay off? - Posted by Anony
Posted by Anony on September 19, 2007 at 20:32:44:
Hello Experts! A house was purchased at $200,000. A husband contributed $150,000 as the down payments. His wife is the only borrower by borrowing a home loan $50,000. The wife plans to pay off the loan. The lender will therefore give her a deed. The house is actually purchased by a couple. The only difference is the husband paid in cash while his wife paid with the loan. Can the wife request the lender to add her husband name on the deed after she pays off the loan? If so, how to do it? Thank you for your answer.
Posted by Rich-CA on September 22, 2007 at 12:55:49:
If you are in a community property state and the property was purchased during a marriage and there was no pre-nup agreement, the property is owned by both, period.
Posted by dealmaker on September 19, 2007 at 21:34:16:
You sound a bit confused between DEED You said the house was purchased by a COUPLE.If so both names are probably already on the DEED.
The lender will probably give them a “release and reconveyance” upon retirement of the debt, at least in “trust deed” states. Regardless the LENDER can’t add anyone’s name to the DEED.
Posted by Anony on September 20, 2007 at 10:54:56:
On the closing date, the wife sold the sum of one dollar and one-half property as a gift to her husband, as an attorney suggested. So, both of a couple names have been on the Warranty Deed. Now the husband will help his wife to pay off the home loan early (The wife is the only borrower). The lender said a deed will be given to her after the loan pay off. What kind of the deed will the lender give to the wife after the loan pay off? Will it have an impact on both names on the Warranty Deed? Whatâ??s the relationship between the Warranty Deed and the documents that the lender will give after the loan pay off?
Posted by River City on September 21, 2007 at 05:41:07:
It appears from what you are saying that what you want is already done. The closing attorney took care of it at closing. It is a common procedure in real estate closings for the attorney to add a spouse to the deed if only one spouse is obligated on the loan and that person wants their spouse added to the deed.
Posted by anony on September 21, 2007 at 06:30:09:
But, I still do not understand what documents the lender will give after the loan pay off. Will it have an effective on the change of the owners of the property or it has nothing to do with the names on the warranty deed? Can you explain it?