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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55591
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My husband and I bought a house in 2000. The mortgage is in

Customer Question

My husband and I bought a house in 2000. The mortgage is in his name only because of my less than average credit score at the time. I being his wife, had to sign the loan papers. Now, 2016, he is wanting to refinance and has asked me to sign the Waiver of Homestead. What is my advantage to doing so? Why would I want to give up my rights to him trying to sell the house without my consent, if he chose to in the future?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

You likely already waived your homestead exemption when the property was originally financed. And, the lender wants to make sure it gets the right to foreclose on the property if the loan were to go into default. The advantage to refinancing is that the interest rate is likely being reduced significantly saving you and your husband thousands of dollars in interest over the term of the loan. You do want to insure that only the existing loan is being refinanced and that your husband isn't refinancing it for a much larger amount and draining the property of its equity. Also, I would require that your husband sign and deliver to you a quit claim deed transferring a 1/2 undivided interest in the property to you. The quit claim deed needs to be witnessed and notarized. Then, if your husband gets tricky down the road, you can record that deed giving you the 1/2 interest in the property.

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