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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33802
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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My mother passed last November and gifted me the house I

Customer Question

My mother passed last November and gifted me the house I took care of her in for 8 years..my husband and I want to refinance the house and put his name one the deed along with mine, because he is the money maker, and a 100% service connected Vet. I have not brought in a viable income since 2006, no more than 5k a year, I resigned from my sales and marketing position at the end of 2013 due to lack of ability to run my business with Aflac in a positive manner. And my mother was bed ridden and need 24hrs care. Sorry so wordy, what would you advice us to do.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Does mother currently have a mortgage on the property in her name solely?

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Is it at a higher interest rate than you could get now if husband refinanced?

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This is going to sound odd...but is your marriage in a stable position?

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thanks

Barrister

Customer: replied 1 year ago.
it is mortgaged with Nation Star
It is in her trust
The interest is 7.5 we are currently refinancing with Veteran United and they need proof of My Husband eligibility to be put on the deed.
And yes our marriage is stable 30 years in March...
Expert:  Barrister replied 1 year ago.

Ok, if mother left the house to you, then if the estate has been settled and the house is in your name, you have a couple options here..

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You can add spouse to the deed so that he legally becomes half owner (the reason I asked about your marriage) and then he can apply for a new loan to pay off mother's mortgage and have you as a co-signer on the note if it would help.

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Or you can apply for the new loan in your name with husband being only a co-signer, but not actually on the deed, for the new mortgage loan.

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It really isn't a refinance because it is mother's loan and you would be applying for a new loan in husband's and your name to simply replace it and pay it off.

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But if husband is not added to the deed, then he likely wouldn't be approved to use his VA loan.

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So to get him on the deed, if the property is in your name solely, you would need to have a new quitclaim deed prepared by a local real estate attorney or title/closing company adding him to the deed. You would be the Grantor and then you and he would be the Grantees. Once this is signed by you, notarized and recorded, then it would make him half owner in the property and allow his VA loan to continue.

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thanks

Barrister

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