Should I put my wife on my mortgage if she cant afford to pay it? 4 Answers as of June 26, 2013

My wife is currently on the deed for our home, but not on the mortgage. If I die, is it better to have her on the mortgage, even if she could not afford to pay ? Or, should I just leave the home to her in my will?

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Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
It may be better not to put your wife on the mortgage if she cannot afford it, to protect her from financial difficulties.
Answer Applies to: New Hampshire
Replied: 6/26/2013
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
First, why would you want to saddle her with a debt she doesn't presently have, and second the lender would have to agree for add her to the loan. You can't just do it yourself. Just leave her the home.
Answer Applies to: California
Replied: 8/4/2011
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
These are the type decisions that make paying a lawyer $250 or so to do a will is far better than spending $50 to $100 on junk you find online (like Legal Zoom, etc.) While you may possibly get lucky and get a valid will online, you lose the advice. There are many different ways to transfer a home, by will, deed and otherwise, and that is a decision which can matter. So can a decision as to who is on an account. In some cases, HOW your wife is on the deed (tenants in common vs. joint tenants) also matters and a lawyer can change that. A good decision on this involves getting some detailed financial and other information, so sit down with a lawyer to weigh the pros and cons and make the best choice.
Answer Applies to: Georgia
Replied: 8/3/2011
The Coyle Law Office
The Coyle Law Office | T. Andrew Coyle
There is no benefit to adding your wife to the mortgage (and the bank may not even allow it). If you are both currently on the deed, then your wife is an owner of the residence and will continue to be in the event you pass away. As for the mortgage, if possible, it would be a good idea to secure life insurance on your life for at least the balance of the mortgage. If your wife has no means of paying the mortgage, then she would likely need to sell the residence at your death regardless of whether or not she is on the mortgage herself.
Answer Applies to: Illinois
Replied: 8/3/2011
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