Purchased a home, refinanced, still joint ownership?
My wife and I purchased a home as a joint ownership, but when we refinanced, I was the only one that qualified because my wife was unemployed at the time. In this case, does the ownership stay as joint? Is there somewhere I can check this? by GBalbo_525_947 from Melville, New York. Aug 2nd 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The security agreement ("Deed of Trust" & "Note"), are what secures the loan as collateral... The "Deed", or "Warranty Deed" are the ownership documents.. And they are 2 separate different things.. You can be on the "Title" of a property, without having the obligation to pay the loan.. When you first purchased the property, it was in both names.. When you refinanced, your deed probably didn't change, so your wife is probably still on the Deed, but since she didn't qualify with income, she's not obligated on the loan.. If you want to check for sure, get with your county recorder's office or check the closing documents you got when you closed your loan.. Both should have copies of your deed of trust, note and warranty deed.. If for whatever reason the lender made you take her off the deed to the house, you can always add her back on.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Ask our community a question.
Get an answer
Related Questions
