Legal Question in Real Estate Law in Pennsylvania
adding spouse to deed and mortgage
Is it beneficial to add a spouse to house deed and mortgage? What are the pros and cons? What is the best way and the most economical way to do this? Do you need a lawyer or can you do this yourself? What are all the ramifications? If you add a spouse to the deed, is it beneficial to add them to the mortgage and is it expensive? The house was purchased before the marriage and in one name only. Now that the couple are married, what would be the advantages of adding the spouse? Thank you.
2 Answers from Attorneys
Re: adding spouse to deed and mortgage
You can add your spouse to the deed, but you cannot add your spouse to the mortgage without approval from the bank, which is doubtful...as to why you would want to add your spouse to the mortgage, I have no clue. It would not benefit you at all...as for the deed conveyance this can lead to problems if you were to divorce, but should have been done initially anyway...if I was your spouse I would have demanded it.
Anyway contact my office for a more detailed explaination...412.731.0865.
Sincerely,
Marc V. Taiani, Esquire
Re: adding spouse to deed and mortgage
There are many advantages to add a spouse to a deed. However, there are disadvantages in the event of a divorce. I suggest you consult an attorney. Some of the advantages is in the event of a spouse's death the property would pass directly to the surviving spouse. The mortgage obligation would continue. However, you have to coordinate with your Bank. Gerald Hershenson Esq.
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