Wife wants name added to deed

Q: My husband and I married a few years ago. He already owned (paid off) a home and I moved into this home with him. We have no intension of moving or selling. How can we get my name added to the deed on this home? -- H.H.

A: The process is simple, involving the signing and recording of a new deed. Any attorney can handle the paperwork.

Want to downsize

Q: We are beginning to think about downsizing. We own a six-bedroom home and want to start the process.

Our problem is in coordinating sale and purchase to avoid owning two properties at the same time or needing to move out without having bought the replacement. Where do we start? -- J. & J.

A: Your situation is common. About half of all home buyers already own houses they will be selling. Real estate brokers, attorneys and other closing agents are used to dovetailing the sale and purchase so that things work out. Most times they do.

Start by inviting over several different brokers who seem active in your neighborhood. You won't have any obligation and you'll receive valuable advice and information. At the same time, you can begin house hunting by visiting open houses in areas that interest you. Again, you won't have any obligation.

Then put your house on the market with an agent you feel confidence in. Your agent or agents -- if you use a different one for your purchase -- can help ensure that the contracts you sign aim for the same closing date. You can also make your offer on the next house contingent on the sale of your present one, though some sellers won't accept such offers.

If nothing works out right, sometimes you can remain in your present home after closing for a short time on a rental basis. Or you can move into your next one early as a tenant.

Just walking away

Q: In layman's terms, can someone explain the repercussions of walking away from my present mortgage? It is higher than my home is worth and the banks don't help. Since the government keeps on bailing them out, I want to walk away. -- e-mail

A: If you walked, your credit record would take a bad hit, making it nearly impossible to get another mortgage loan for years. A low credit score can sometimes raise your insurance premiums, make it difficult to rent, or hurt future employment prospects.

In addition, in some cases and in some states, the lender may seek a judgment against you personally for the portion of the mortgage debt that wasn't repaid.

Your best bet is to contact your lender to find out if any mortgage modification help is available. New programs do come out from time to time.

But if you can afford to pay your monthly mortgage charges and you don't need to move, it doesn't really matter how much you could sell the house for. You're still in the same position you were when you bought it.

Just hold on tight and look at other options before walking away from your obligation.

Loans getting tougher

Q: I am an amateur investor. I buy a house, fix it up and sell it, which helps with cleaning up properties and getting some out of foreclosure.

When I have tried to sell one lately, it seems the banks are doing everything they can to hold up the transaction -- sending out more appraisers and inspectors, changing deadlines, or making requirements like fixing a paint spot the size of a pinhead that might have peeled. Basically, this is making it next to impossible to do business.

What's going on? I thought the country wanted to get out of the mortgage crisis? How can I protect my rights, seeing they pretty much ignore the terms of the contract? -- P.

A: If you think a bank is not living up to its written contract, you can get your own real estate lawyer to intervene.

Right now, banks are sensitive about having made risky mortgage loans in the past and they're being extra-picky. They're also subject to some stricter new guidelines.

Given the mortgage mess of the past few years, though, the recent precautions are pretty much like locking the barn door after the horse is stolen.

Payoff is wrong

Q: After selling our townhouse, we discovered the payoff had been applied to the wrong mortgage. The mortgage company is trying to clear up the problem. The closing attorney is uncooperative and will not answer the mortgage lender so that the error can be corrected. What can be done about this? -- K.

A: You can file a complaint with the county bar association.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.