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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 16154
Experience:  Licensed Texas General Practice Attorney
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My wife is on the deed to our home/property. She is not on

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My wife is on the deed to our home/property. She is not on the mortgage. I ,her husband, am the sole person on the mortgage. I am attempting to take advantage of the mortgage holder's offer to lower the interest rate to 4% from the present 5.5% interest. There is a page in the closing papers that asks her to sign a statement that suggest that she has no rights to the property even though she is on the deed. She is afraid that should something happen to me she would have no rights to the property. That she could not assume the existing mortgage. Is this true? What rights to co-deed holders have?

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

Assuming that you were married when you purchased this property, she would have known as an undivided one half ownership interest in this property, as the ownership would be "tenancy by the entirety". What that means, is that if you were to ever get divorced, for if you were to die, she would have an ownership interest in the property. The fact that she is not on the mortgage only means that she has no liability to the bank for the mortgage, and does not affect her ownership interest in the property. That being said, to get the property refinanced, you can have a written contract with her saying that if you were ever to die or get divorced, her signature on this documentation saying that she has no right to the property would not bind her concerning any rights to the marital estate.

ScottyMacEsq :

This can be a simple contract in writing, saying that in exchange for her signature on this to get the refinancing, that you will not hold her to any statement that she makes regarding her ownership interest on this property.

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

Customer:

Can she simply 'line-out' the statement that suggests she give up her rights? Do we have to formerly make a document to submit to the bank for their agreement?

ScottyMacEsq :

first of all, you do not have to formally make an agreement and have the bank accepted. Any agreement would be between you and her, and would essentially reassure her that her rights are not being minimized any way. What the bank is concerned about is that if you are the sole borrower on this loan, but somebody else, then it says I never agreed to that loan in the first place, that this could be a way that individual that did not sign on to the loan could try to invalidate the loan. Ultimately this is a CYA tactic that the bank is doing to protect itself.

ScottyMacEsq :

So if you were to line out that on the agreement, it would probably not be accepted by the bank.

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

ScottyMacEsq :

Did you have any other questions before you rate this answer?

ScottyMacEsq :

Are you there? Please note that I am still here, awaiting your response.

Customer:

Need to print this out - How do I it?

ScottyMacEsq :

After you rate this answer, it will switch to a Q&A format (you may need to refresh the page after rating) at which point you'll be able to print this information.

Customer:

I did rate it - good service

ScottyMacEsq :

Thank you. There may be a "submit" button there, although they change this from time to time...

ScottyMacEsq :

I believe that you have to rate and submit...

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