Legal Question in Real Estate Law in Michigan
Dear LawGuru's, I'm having a tough time right now. My wife and I have been working on doing a Refi
on a home that we have had for 10 years. We were both on the 1st and second Mortg's that we've had and are putting the two together at a lower rate. Two years ago my job was elimited and as such
my credit has gone down. My wife has a good job and good credit so the Bank will only have her on the loan, this I understand. But they do not want me on the title of the home. The Bank is in Virginia
and the title company is in Michigan where we live. Is this legal? What if it was reversed and my wife never worked she would be on it to protect her interests.
Gary
1 Answer from Attorneys
To remedy this problem, after your wife gets the loan, prepare a simple Quit Claim Deed granting the property from your wife alone, to your wife and you as tenants by the entirities. Whether or not you are on the Deed to the house, you still have your marital interest in what she owns. If you would like my further assistance in this matter, please contact me via my website www.lawrefs.com or at [email protected].
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