Legal Question in Real Estate Law in New York

We refinanced our house this past May in New York. My name is on the deed, but not the note.

Can you tell me of any situation this is a disadvantage to me such as in the event of my spouses death what happens ...etc...My credit is excellent, but we were concerned because I have been recently unemployed, so that is the only reasn I was not put on the note. Previously, I was on the note to all refinances (4 in total). We have been in this house for 14 years.

If it is a disadvantage, can this be changed to add my name to the note?? We only refinanced 3 months ago. or is there anything else that can be done legally to make sure it shows I am also the true homeowner (equally). Thank you.


Asked on 8/02/11, 7:00 am

1 Answer from Attorneys
Raymond David Marquez R. David Marquez, P.C.

Once your name is on the deed you are the true owner of the house. In fact, if the deed with your name is recorded first with the county clerk's office this may mean that the refinanced mortgage applies only to the half of the house your spouse owns. This title error, if it exists, may serve to your benefit. Leave this alone. But do check to see which document was recorded first as it can make a difference. Good luck.

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Answered on 8/02/11, 7:21 am


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