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#1556058 - 05/24/11 07:49 PM marital property...thinking out loud help needed
Truffle Royale Offline

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Second home...three siblings on title.
Mr & Mrs Sibling A are borrowers so both sign everything.
Am I correct that because of marital property, the other two siblings' spouses should sign the mortgage as well?

Sometimes I think I think too hard. crazy

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#1556074 - 05/24/11 08:08 PM Re: marital property...thinking out loud help needed Truffle Royale
#Just Jay Offline
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Cheeseheadland
Also thinking out loud...

But its second home and not primary residence, so they wouldn't have homestead rights... so what would be the point.
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#1556126 - 05/24/11 09:02 PM Re: marital property...thinking out loud help needed #Just Jay
JacksTigger Offline
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lost in compliance land
Sibling B and C are really only giving permission for Mr./Mrs Sibling A to use the house to secure the loan. They are not borrowing the $$.

IMHO--I don't think the spouses need to sign the mortgage, since they are not involved in the transaction at all.
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#1556144 - 05/24/11 09:27 PM Re: marital property...thinking out loud help needed JacksTigger
Truffle Royale Offline

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Sorry, I said that wrong. Sibling B is a borrower and he's married.

Sibling C is not a borrower but he's on title so he has to sign.

Do their spouses need to sign to perfect title in marital property rights? I know the homestead doesn't come into play but in our fair state, what's mine is mine and what's his is mine, right?

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#1556153 - 05/24/11 09:53 PM Re: marital property...thinking out loud help needed Truffle Royale
#Just Jay Offline
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#Just Jay
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Cheeseheadland
So the borrowers then are A, Aa, and B? or something else?

I guess I still lean towards that they(non-borrowing spouses) are not on title, it is not their homestead, they may/should not be required to sign.

Have you sought legal opinion yet?
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#1556197 - 05/25/11 01:28 AM Re: marital property...thinking out loud help needed #Just Jay
Truffle Royale Offline

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Nope. Started here first. Will make recommendation that we do in the am...right before the closing. At this point, they're all anticipating signing under the 'better be safe than sorry' motto that the ops supv ascribes to.

Thanks for chiming in. I appreciated the sounding board. Owe you one.

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#1780774 - 01/29/13 05:35 PM Re: marital property...thinking out loud help needed Truffle Royale
Bec Offline
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The Great White North
This is an old thread but I am wondering if you ever found anything out about requiring the spouse to sign the mortgage if it is a second home? We have a situation with a husband and wife, wife is on the title only and mortgage will be only in her name. He does not have to sign off on the mortgage correct? It is not his homestead and it is not titled in the name of both spouses. Thanks for your help
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#1780978 - 01/29/13 09:46 PM Re: marital property...thinking out loud help needed Truffle Royale
Compli(cated) Offline
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Wisconsin
I would have the husband sign in this situation. Name on the title, in WI, gives you a right to manage the property but does not limit ownership under the marital property law. In other words, both spouses are owners of this property (despite the title), unless there is some sort of a property classification (more likely pre-or-post marital agreement) clearly stating that the property is not to be considered as marital. Better safe than sorry.
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#1781003 - 01/29/13 10:06 PM Re: marital property...thinking out loud help needed Truffle Royale
Beagles22 Offline
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State of confusion
Hate to complicate matters, but we would not have the spouse sign. If it is owned solely by the wife, I would have her sign and indicate on the mortgage that this is not homestead property and list her as a married person.
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#1781159 - 01/30/13 04:09 PM Re: marital property...thinking out loud help needed Truffle Royale
Truffle Royale Offline

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Rereading this thread nearly two years later, I ashamed to admit I must have been having a really insecure and/or blonde moment when I started it. sorry. blush

I agree with what BQ posted above. State guidelines require the mortgage to indicate homestead or non-homestead. Therefore there is no need for the husband to sign off on the mortgage of non-homestead property titled in the wife's name only.

Further, in Wisconsin, one spouse can take title to and mortgage any property, even one that will be the homestead, in their name only. However, the spouse's signature would be required on any refi of the homestead property even tho it is titled in only one spouse's name.

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