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My husband and I are in a three day recsison period on a…

Customer Question
My husband and I...

My husband and I are in a three day recsison period on a mortgage refi in Florida. The new company did the mortgage in his name only but put me on the deed. I’m concerned if he went into a nursing home, if this refi would not be wise for me. I have good credit but low income.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

We signed the refi documents yesterday but realized later that day, that this might not be a good idea and still have the right to cancel by Wed.

Lawyer's Assistant: Have you talked to a FL lawyer about this?

Tried but because of Memorial Day weekend I had no luck getting any answers or able to get any appointments before Wednesday.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes; the mortgage refi is for 30 years and I was also concerned that if he passes away and we had enough equity built up, would I not be able to request a Re Cast because I’m on deed only and not the mortgage?

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 15 minutes by:
5/26/2018
Real Estate Lawyer: Lori, Lawyer replied 2 months ago
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,460
Experience: Real Estate Attorney with over 25 years experience
Verified

Hello. Let me see if I can assist. I am a FL attorney with over 25 years experience.

Are you taking out money from your equity in the refinance? The mortgage will be on the property even if you are not on the promissory note. If something happens to your husband and you cannot pay the mortgage, the bank can still foreclose on the property. You need not assess that risk to see if that is how you want to proceed. If not, you should rescind with the 3 day period.

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Customer reply replied 2 months ago
I know that much already?
I want to know can I request a mortgage RE CAST if I’m not on the loan?
Real Estate Lawyer: Lori, Lawyer replied 2 months ago

Yes, but you would have to rescind first.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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