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FIB - Scams 101
Title and Mortgage Are Two Different Things.
Posted By: Terry Nibbe In Response To: Non-business: Is there a mortgage broker or real estate expert in the house? (MaaMaw)
Date: Sunday, August 17, 2008, at 8:28 a.m.(pst)
The title (deed) says who owns the property. The mortgage places a lien on that property. Adding a name to the title should be no problem. Replacing a name would be considered a 'sale' and may cause problems with the mortgage company who has a lien on the property. To add a name, you can do a quit claim deed from the current owner to the current owner and you. You can take title in a couple of different ways--either tenants in common or joint tenants with rights of survivorship. Tenants in common, you each own half. Upon death your half goes to your heirs. Joint tenants, upon death, your interest goes to the other joint tenant.
Adding or replacing a name on a mortgage is a different thing. Your name was excluded for a reason (as you said, poor credit). If you try to add your name the problem again presents itself. If you should try to replace the name on the mortgage, you would have to qualify for the mortgage and there is that problem again (poor credit). I would suggest leaving the mortgage alone unless or until conditions change financially.
You can either record the new deed or not. The mortgage company shouldn't care because the still have their lien on the property.
Definitely contact an experienced, trusted Realtor or an attorney specializing in real estate before you do anything.
Hope this helps.
Terry
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