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When a homeowner’s spouse decides to renounce his or her legal rights to a property, they need to give their consent by signing on a legal document. This document is called the homestead waiver. The entire legal procedure takes place in accordance with the state law that is applicable in this situation. This type of a legal document proves to be very useful for mortgage companies and banks. This is because if the owner defaults on a loan, the bank or the mortgage company can easily foreclose on a home or property. They usually tend to include this document in the foreclosure as they can obtain the full amount of loan money from the owner. On the other hand, if they do not include this document, then a section of that property would be exempt from the creditor’s claims and they would not be able to recover their losses up to the full amount. Usually, a real estate planner gets the maximum benefit out of this. However, for couples who are legally separated or undergoing divorce may feel hesitant about what could be the best legal way out in this matter. Below are answers to few of the more common legal questions about homestead waiver: I have signed a homestead waiver. However, is it possible for me to have a claim on that waived property if it is a community property?
In general, a property or a house would not likely be regarded as a community property, unless and until your name is included on the title of that property by your husband that belonged to him before you got married. However, if it happens that your husband decides to refinance his house, then the lender may ask you to provide the document in which you have relinquished all your legal rights to that particular property. This is the only legal document you would need to show if that is the case. As a surviving spouse, you would be expected to have that document with you. But if you have filed for a divorce or you are already divorced, then there is no way you would have any rights to that property. This is because your name would not be included in the title of the house as an owner. Thus, if by chance your husband fails to pay off his refinancing loan, then the lender can very easily foreclose on this property as you do not have any legal right to prevent the foreclosure from happening. Legally, you do not have a claim on that house. If I do not have my spouse’s signature on title, is it possible for me to buy a house?
It is likely that you can buy a house without your spouse’s signature. However, if you want to apply for a mortgage loan to purchase that house, then you would need to provide the lender or the mortgage company a legal document that should have a signature of your spouse, stating that he or she is giving up every statutory right that they have in that property. By having your spouse sign on that document, the lender would be able to recover losses up to the full loan amount, in case you default on the loan. Additionally, he would not have to worry even if your spouse decides to exercise their rights to occupy this property in future. Sometimes you are not very sure whether by signing a mortgage your interests are safeguarded or not. In that case, you should always consult an attorney to help you choose the best legal recourse. Is it possible for my wife, who is still legally married to me, to buy a house on a mortgage loan without my consent and signature on title?
Usually, if a property like a house is purchased by any of the marital spouses while they are still legally married to each other, then that property would be regarded as a marital property. In that kind of a situation, it does not matter whose name is on the title of the property. If simply put, it does not concern as to who is the owner of that house. However, if you have purchased the property with funds that you have received as gift or inheritance, then it would not be considered as a marital property. In this case, if your wife decides to purchase a house on mortgage and wants to apply for a loan for that, then the mortgage company would ask you to waive your home protection rights from that property. If you need any clarification about your particular situation on the subject, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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