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MamaB17
Back for baby #3
Member since 5/09 4065 total posts
Name:
N
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question about loan/title/deed
We are starting our pre-approval for our mortgage loan. Currently I am collecting unemployment. I am not able to be on the loan while collecting. So I have two choices keep collecting, not be on the loan, and just be on the deed/title. Or stop collecting be on the loan, and the deed title. Obviously b/c I am not working we are doing the loan application w/ DH's income anyway so does it matter that I am not a co-borrower. Any advice? TIA!!!!
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Posted 2/19/10 6:14 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: question about loan/title/deed
I am not on our loan. I dont see it as any issue. At some point down the road we will re-finance and I will probably be put on then. I am on the title/deed.
I would keep collecting so you have the extra $$$$$
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| Posted 2/19/10 7:35 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: question about loan/title/deed
Posted by alli3131
I am not on our loan. I dont see it as any issue. At some point down the road we will re-finance and I will probably be put on then. I am on the title/deed.
I would keep collecting so you have the extra $$$$$
agreed!
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| Posted 2/19/10 7:40 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: question about loan/title/deed
Wells Fargo Will NOT put you on the deed, if you are NOT on the loan.
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| Posted 2/19/10 8:10 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: question about loan/title/deed
Posted by JennZ
Wells Fargo Will NOT put you on the deed, if you are NOT on the loan.
you can do it after the closing. I did with wells fargo. You do it as a Quitclaim.
Message edited 2/19/2010 9:30:06 PM.
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| Posted 2/19/10 9:29 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
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Re: question about loan/title/deed
I dont see any reason to stop collecting just so your name can go on the loan. As long as you qualify under your DH's income, why lose the unemployment pay? As long as the bank lets you put your name on the deed, I would be fine with it. MY DH's name is not on our loan but he is on our deed.
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| Posted 2/19/10 9:46 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: question about loan/title/deed
Posted by JennZ
Wells Fargo Will NOT put you on the deed, if you are NOT on the loan.
That is not true--she would have to sign the mortgage only to be on the deed. The personal obligation though would be her DHs responsibility (note).
If you do it after closing though it is technically a default under your mortgage if the bank ever needed a reason to default you.
Message edited 2/20/2010 8:34:32 AM.
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| Posted 2/20/10 8:33 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: question about loan/title/deed
I am just repeating what 4 different WF people told us.
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| Posted 2/20/10 8:54 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: question about loan/title/deed
Posted by JennZ
Wells Fargo Will NOT put you on the deed, if you are NOT on the loan.
This is not true. I am on the deed, but not on the loan. I did not need to have a quitclaim deed.
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| Posted 2/20/10 9:36 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: question about loan/title/deed
Posted by LSP2005
Posted by JennZ
Wells Fargo Will NOT put you on the deed, if you are NOT on the loan.
This is not true. I am on the deed, but not on the loan. I did not need to have a quitclaim deed.
We did a quitclaim because we had someone else on it....so we removed the other person and put me on the deed but it can definitely be done and def with Wells Fargo.
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| Posted 2/20/10 10:02 AM |
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