Posted by Tony Colella on November 06, 2009 at 06:29:35:
In Reply to: Question on NC Deeds posted by warn (NC) on November 05, 2009 at 20:35:28:
I have been told this by less informed loan officers as well. My attorney has assured me this is incorrect.
What can be done is have the spouse sign a form at closing or if necessary, a quit claim deed which would eliminate their claim to the property but have it written such that it would not interfere with their right to the property in the event of your untimely demise.
When I mentioned this to the loan officer they called the underwriting department who explained this that wasn't necessary, they would have some form for my wife to sign. I did not end up refinancing this particular property (selling instead) so I cannot say what that form would have been but be sure to read it.
As my attorney put it. "Some people's confidence exceeds their competence." The loan officer was wrong.
Tony