Legal Question in Real Estate Law in Pennsylvania
Mortgage name change
I got remarried after being a widow. I would like to change my name on the current mortgage from former married name to current married name. The company I am currently paying calls it an assumption. Is this the correct term? This company also wants to charge me $500.00. Why? All I want to do is change my last name and add my current husband to the mortgage.
Thanks
1 Answer from Attorneys
Re: Mortgage name change
The mortgage company does not have to permit you to make any changes in the title to your property or in the mortgage.
If you were changing only your name, it would probably agree, and with little or no fee.
If you are adding your husband's name to the legal ownership and to the mortgage, the "assumption" fee is for the mortgage company's looking into your husband's credit and finances, as if he were a new borrower, to make sure that your husband's interest in the property would not jeopardize the mortgage company's security interest.
If you simply add your husband's name to the ownership without getting the mortgage company's consent, you would risk triggering a default on the mortgage. This would permit the mortgage company to start foreclosing on your property.
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