Profile picture for zenasmama1

what happens to my mortgage, title and deed if I add a parent/sibling to the existing ones?

I am divorced & 100% disabled permanently in a wheelchair. My mother & brother want me to add them to the title, deed and mortgage in order for my brother to refinance the terms of my mortgage.  What happens if I do this, what will happen to my mortgage, my homestead exemption and will I have to requalify for the loan after the refinance when I remove their names, IF I can remove their names?  Please advise as soon as you can as I am getting severely sick trying to figure this one out! Thanks for your help!! MS
  • June 27 2010 - Tallahassee
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Answers (3)

There are a couple important things to consider when doing this.

First: Once they're on title, you really can't get them off without their permission.  You *are* selling a part of your property.

Second: If you do this when you have a mortgage and without the mortgage companies knowledge and permission, you have instantly (assuming a standard form mortgage) defaulted on your mortgage, since you have sold part of the property.

There are some other issues, but those are the big two I can think of.



This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.

  • April 01 2011
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Profile picture for Oklahoma Mortgage
Nothing. There just on title  

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  • April 01 2011
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Profile picture for wetdawgs
If their names are on the documents for the refinance, you will have to refinance (including all charges) and qualify on your income alone to get their names off.     Therefore, unless you want their names on for the foreseeable future (until you are able to qualify entirely on your own),  don't go this route.

  • June 27 2010
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