Are you paying the mortgage but not on title?
July 8, 2010 by Erin Schedler · Leave a Comment
Being on one does not mean you’re on the other! Just because you are contributing to the mortgage payments does not necessarily mean you have legal claim to the property.
I have heard too many times of spouses contributing to a mortgage payments, home remodels and repairs but never taking the time to get their name on the property title and protect their interest. This most often occurs when someone marries another who already owns property. The new spouse assumes that by being married and contributing to the mortgage, that they now have legal ownership in the home. Unfortunately, if and when the couple divorces, the only person with legitimate claim to the property is usually the one who was on title.
How do you get on the title? By using a quitclaim deed. This process can be used to add or remove parties from property title. My advice is to consult an attorney (Mark Schedler is terrific) to discuss your situation and decide if this is the best step for you. Of course there are some tax advantages to removing a spouse from a property title but, again, consult an attorney for more details.
If you are unsure if your name is on title, email me and I’d be happy to look up your property record!
