Legal Question in Real Estate Law in Pennsylvania
I'm legally married and own a home. The deed and the mortgage is in the name of 1 spouse only. Now we are in the process of filing a deed in leu and the financial institution wants the 2nd spouse's name and SSN. That 2nd spouse doesn't have any accounts with this institution.
Should we provide that information and what are the possible consequences of doing so?
1 Answer from Attorneys
The financial institution probably wants the 2nd spouse to join in the deed to avoid a future claim of interest in the event of divorce and equitable distribution. Ask the financial institution to spell out its purpose, and carefully read anything it is asking you to sign. If you have any questions at all, consult with a lawyer.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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