Legal Question in Real Estate Law in Indiana
Adding name to deed
Can a person add anyone to the deed of their property if they still owe a mortgage on it? My boyfriend wants to add my name to the deed, but I have recently had a bankruptcy on my credit record. Can he add my name to the deed, and if he can what does he need to do? Also, can his mortgage company deny my addition based on the fact of my bankruptcy? He has had this mortgage for about seven years.
Thank you.
1 Answer from Attorneys
Re: Adding name to deed
The mortgage company has no control over who owns the property after the mortgage is in place. Your friend needs to quitclaim the property from himself to himself and you as joint tenants with rights of survivorship or as tenants in common and file the deed with the county recorder. He must also reapply for any homestead credit he receives.
If he ever want to refinance the mortgage, then the new lender will take into account your credit record, but for now, there is no one who will look into your credit history.
Tenants in common means you each own an undivided 1/2 and your 1/2 descends to your heirs or by the terms of your will. Joint Tenants with Rights of Survivorship means the one of you who lives the longest ultimately owns the property.
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