Name Change - Mortgage and Deed

[michelle82]

Hello

I'm going to be meeting with an attorney in a few weeks to hopefully start my name change paperwork.

Anyone do this while owning property with mortgage loan?

I'm guess I have to contact my lender for the mortgage and have my name updated with them. But Do i need to do anything with the House Deed? I'm planning on selling the property within the next few months.

[Mariah]

Name change is first followed by updating your accounts. Then in order for property taxes and anything else besides mortgage and insurance to update you have to change the name on the dead. Basically the old you is selling/ transferring to the new you for nothing. You may have other steps related to that with where you live to finish changing your name on your property. The bank should be no different than any other bank account.
Mariah

[Tessa James]

The name change process can be a hassle but an important validation and legal matter too.  As a late in life transitioner I have a ton of places to fix my name.  Some institutions are helpful and others a pain in the patututee!  One bank required IRS docs, W-2 and on and on while another simply accepted my court order.  Same thing for car and boat titles.  I have been reassured by an attorney that our court order, at least here in Oregon, will trump the name we were "also known as" and there is significant precedent due to the number of people who have a changed name after marriage.

Best of luck with the sale and your next steps

[michelle82]

Name change is first followed by updating your accounts. Then in order for property taxes and anything else besides mortgage and insurance to update you have to change the name on the dead. Basically the old you is selling/ transferring to the new you for nothing. You may have other steps related to that with where you live to finish changing your name on your property. The bank should be no different than any other bank account.
Mariah

Thanks Mariah,

Do you think if i change my name now, and end up selling the house in a few months, that i can just leave everything alone with regards to the house? i'm almost thinking because I'm planning on moving out soon, that i shouldn't even both trying to change anything with the house.

[Mariah]

You need to check the laws in your area. You probably could do that but the mortgage has to change names, if you change your name now, I believe. I would check on the rules in your area and then take in account if you want wait or do anything now.
Mariah

Thanks Mariah,

Do you think if i change my name now, and end up selling the house in a few months, that i can just leave everything alone with regards to the house? i'm almost thinking because I'm planning on moving out soon, that i shouldn't even both trying to change anything with the house.

[jessical]

I am in the middle of this.  I looked into the Deed change a little, but I was worried there would be a tax penalty if I did the Deed transfer and I could not get a straight answer on if that would happen or not.  What I have done is change my name at my Bank, and while I was doing that they talked me into refinancing.  As part of that the Bank said they would handle the name update on the Deed, which is something they knew how to do without any tax penalty.  I am waiting to hear back on the confirmation the Deed was updated, which takes a few weeks but so far it has worked out.

[Mariah]

Jessica if done right there is no tax penalty. I didn't have a tax penalty on mine. It should look like a transfer that has no money attacked. Your court order in regards to the name changed will be needed for them to know that it's still one and the same person though. Just make sure you get the right form for this type of deed transfer in your area. I know it differs from place to place. Hugs
Mariah

I am in the middle of this.  I looked into the Deed change a little, but I was worried there would be a tax penalty if I did the Deed transfer and I could not get a straight answer on if that would happen or not.  What I have done is change my name at my Bank, and while I was doing that they talked me into refinancing.  As part of that the Bank said they would handle the name update on the Deed, which is something they knew how to do without any tax penalty.  I am waiting to hear back on the confirmation the Deed was updated, which takes a few weeks but so far it has worked out.

[jessical]

Jessica if done right there is no tax penalty. I didn't have a tax penalty on mine. It should look like a transfer that has no money attacked. Your court order in regards to the name changed will be needed for them to know that it's still one and the same person though. Just make sure you get the right form for this type of deed transfer in your area. I know it differs from place to place. Hugs
Mariah

I am in California.  It is good to know there would have been no tax penalty.  I would have been relevant had I did not refinanced.  Are you saying there is more than one type of Deed transfer for California?  I could only find one at the time.

[Mariah]

California has one type. The state I'm in uses a different one for that same transfer. No difference in result though. You shouldn't have any tax your not already responsible for. So no taxes should result from the apparent change of hands. You will just have the fees that you are required to pay for it to filed and processed.
Mariah

[michelle82]

my real estate attorney that will help me selling my house has said its nothing to worry about. It sounds like i can just leave everything as is, and just sign all the paperwork as Michelle (Formerly known as....etc)

we will see what happens!

[Mariah]

Keep us posted and good luck with it. I'm sure it's nothing to worry about as they said. Hugs
Mariah