Husband and I bought a house together, but later refinanced our home with just husband on the mortgage. Did I screw up?

Seeking Advice
1

This was about 15 years ago when I had less than stellar credit. Now my credit is excellent (having no mortgage debt probably helps!).
What would my situation be if something would happen to my husband with me not being on the mortgage?

At this point, can I just ask the lender to add my name to the loan? Or would we need to refi again for me to be added? Eeks! Or would the current mortgage automatically transfer to me if something happens to him before the mortgage is paid off? Or If I’m not on the mortgage and something happens to him, would I need to apply for a new mortgage on the house from scratch?

It’s pretty embarrassing to be so clueless about this stuff, but any insight would be appreciated! Thanks!

2

Mortgage is a debt you owe to the bank.

Title / Deed is the document proving who owns the home.

If you’re on the title, no need to be on the mortgage and pay refinancing costs.

3

Niko said:
Mortgage is a debt you owe to the bank.

Title / Deed is the document proving who owns the home.

If you’re on the title, no need to be on the mortgage and pay refinancing costs.

This. Only thing I would add is that making your mortgage payment every month actually helps your credit.

4

Just add your name to title. Super easy and then you will be protected. You may still even be on title after the refinance.

5

Kellen said:
Just add your name to title. Super easy and then you will be protected. You may still even be on title after the refinance.

My mortgage company can call my entire loan if I add anyone to the title.

This gal is probably already on the title tho.

6

@Kitt
That’s not true. Adding a spouse (as well as children and some others) is protected by federal law.

7

Vic said:
@Kitt
That’s not true. Adding a spouse (as well as children and some others) is protected by federal law.

Oh maybe I misunderstood them. My spouse and I are not married and they told me I can’t add her.

8

@Kitt
If you’re not married she isn’t your spouse. That’s literally the definition of spouse. If you’re not married there are no protections.

We aren’t talking about asking anyone’s permission here, though, so I’m not sure who told you what.

9

@Kitt
I have never heard of such a thing.

10

Rowan said:
@Kitt
I have never heard of such a thing.

Most deeds of trust have a due on sale clause that states if the deed is transferred they can call the loan due.

Having said that, it normally doesn’t apply to adding somebody like a spouse or child. You should be able to submit a request to your servicer if you’re nervous and get it in writing from them.

It also doesn’t usually apply to trusts or LLCs but for those you do need to submit a written request with a copy of the trust or LLC documents.

11

Rowan said:
@Kitt
I have never heard of such a thing.

All mortgages have a due on sale clause. That being said, adding a spouse is protected by federal law.

12

Kellen said:
Just add your name to title. Super easy and then you will be protected. You may still even be on title after the refinance.

Stop. Stop giving horrendous legal advice. You didn’t read the post right. You advised her to violate a loan agreement and unnecessarily make her liable for more debt. STFU.

13

Make sure that you’re on the deed. The mortgage is just the financial part and doesn’t transfer ownership.

14

Why do you want to be on the mortgage? There is no advantage to this.

15

Drake said:
Why do you want to be on the mortgage? There is no advantage to this.

Well, if she’s on the deed and he passes away, there is still a lien on the house. Without being on the loan, she may not be able to get information on it, or modify it in any way.

16

@Rafe
As a spouse, if she survives him, the Garn-St Germain Act would allow her to take over the mortgage at its existing terms, without credit qualifying.

17

@Rafe
Depends on the state and HOW she is listed on the title.

18

EDIT: My name is on the deed…should have said that.
Thank you for the insights, much appreciate it!

19

Is your name on the Deed?

20

Look online in town records to see if you are on the title. If you are not listed call them and make sure, sometimes they just list one name (insanely). There’s no reason to think that you aren’t currently on the deed