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Yes it does. Adding her name to the title of the property makes her a part owner in the property. If you simply add her name with no designation as to how she holds title, she will be a tenant in common owner. That means when she dies, her estate will own a part interest in the home and probate would be required to transfer her interest in the property to her beneficiaries.
If you designate her and you and your spouse as joint tenants with right of survivorship, she still has an interest, but her interest transfers automatically to you and your spouse on her death. No probate would be required.
In any event, while she is alive, she would be required to sign off on any title-related transactions (loans, sales, etc.)
so if we wanted to sell, she could hold up the sale
Further, placing her name on title would require the foreclosing lender to name her as an additional party to the lawsuit.
Yes, she could hold up the sale if her name is XXXXX XXXXX
so honestly, there really is no benefit. She is on disability so the thought was that putting her on the deed might help us with mortgage relief
Well, I don't know why it was recommended to you or what your goals are, but it's not something that generally provides any benefit - no.
credit counselor recommended it
since the house was purchased for her to live in and she has no income
and now we cannot continue the payments on it alone
But she has no income and no ability to pay -- correct?
Then I don't see how adding her to the title to make her a part of any negotiations with creditors would work -- she has nothing that would benefit a creditor and, therefore, nothing that could strengthen your negotiating position.
my only assumption was that they would not kick a disabled person out of her house or that they may be more willing to work with us
That's doubtful, but the counselor could give you more information on that end of things. From a legal standpoint, though, adding her to title makes things complicated and probably is not justified.
That is exactly what my thoughts were. Thank you
You're very welcome. I'm glad I could help but sorry you're having to deal with all this.
You and me both :-)
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