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

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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: 27 days ago.Category: Real Estate Law
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Answered in 15 minutes by:
5/26/2018
Real Estate Lawyer: Lori, Lawyer replied 27 days ago
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,817
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 27 days 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 27 days ago

Yes, but you would have to rescind first.

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