Legal Question in Real Estate Law in New York
Changing Ownership of Home
My uncle owned a home as JTWRS with his wife. His wife now died. There is a mortgage on the home. He would like to add my name to the deed, and make it JTWRS. Can this be done without me becoming a co-obligor? Does the bank holding the mortgage need to consent? Thank you
2 Answers from Attorneys
Re: Changing Ownership of Home
The lender very likely requires that their consent be given to convey title - you might try reading the note and mortgage to determine the obligations of the borrower. Breaching this kind of covenant could result in acceleration of the debt or other problems. In any event, your title would be subject to the mortgage.
Re: Changing Ownership of Home
Consent is required becasue their risk will change. However, if the payments are continued to be made on time, it is unlikely that they will find out. This is not legal advice...it is practical advice.
Good Luck
RRG
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