In order to properly prepare the mortgage documents we require information from you as to how you intend to take title to the real estate.
The three most common ways two or more persons may hold title to real estate are: TENANTS IN COMMON, JOINT TENANTS, or as TENANTS BY THE ENTIRETY (tenants by the entirety is only available for married couples.) Depending on the title you hold, you may be eligible for a partition of your estate.
“…The interest of a debtor spouse in property held as tenants by the entirety shall not be subject to seizure or execution by a creditor of such debtor spouse so long as such property is the principal residence of the non-debtor spouse; provided, however, both spouses shall be liable jointly or severally for debts incurred on account of necessaries furnished to either spouse or to a member of their family…Neither the husband nor the wife can divest themselves of their interest in the property to anyone except to each other, so long as the marriage lasts, without the signature of both.”
This blog is intended only to give a brief description of the three common ways of holding title and is not provided for the purpose of advising you on how to take title. If further information is desired about creditor's rights against the title, advantages and disadvantages with respect to estate planning and other practicalities, you should seek legal counsel from your attorney or retain an attorney for advice in these matters.