Replace Last Name Field from the Home Loan Application

Aug 6th, 2022
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How to Replace Last Name Field from the Home Loan Application

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hello this is dave at titlesearch.com and afx title one of the most common requests that we get is how to change the name on a real estate or property title the first thing to start out with is what name is the property currently titled in and you dont want to go by chance you dont want to go by a deed that you have in your hand you want to actually look at the current property title status off of a current title search to make sure you know what the property name is currently vested in if you start out with the wrong information you may transfer title from one name to another and find out that the original name wasnt correct to begin with start by definitively understanding whose name the title is in first and then youre going to look to see are you adding a name subtracting a name changing a name to determine the best route to go for the execution of documentation if its a family transfer sometimes you can use a quick claim deed to add a name change a name or to put it in anothe

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Loan documents typically require a borrower entity to inform the lender or obtain lenders consent for any change in name, state of organization, or amendment to organizational documents. Therefore, a borrower should notify their lender of any such changes, or they may be in technical default of their loan documents.
With a joint mortgage, two parties are simply both responsible for the loan even though one of them may not have their name on the actual title and doesnt technically own the property.
An Assumable Mortgage A mortgage is considered assumable if the loan agreement allows the original borrower to transfer their loan to someone else. In this case, the buyer of the home would simply take over the sellers existing loan, and the current rate, terms and balance would stay the same.
There is only one way to have your spouses name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
You typically must refinance your loan if you have a change of names on the mortgage. One exception to subtracting a name from a mortgage comes when one of the named borrowers dies.
The only way to change the names listed on a mortgage is to refinance in the new borrowers names. If you divorce, for example, youll need to meet the qualifications to refinance the house in your name alone. If you want to add someone to your mortgage, youll both need to jointly qualify to refinance the mortgage.
To remove your own name from a mortgage, you and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan. If the lender wont change the existing loan, your co-borrower will need to refinance the home into a new mortgage.
Timing Requirements The 3/7/3 Rule The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.
If you have a legal name change due to marriage, divorce or another legal process, make the switch on your drivers license and Social Security card first. Then, submit copies of the new identification along with the legal name change document to your mortgage company.

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