Mortgage And Your Legal Name

Getting married soon? Congratulations!  If you are thinking of changing your legal name for this or any other reason keeps in mind what just happened to my friends.

Happy couple got married, bought a house, baby on its way… Dream comes true!  Well one of them changed their name. Now insurance company doesn’t want to register house insurance because one of the names on the title doesn’t match ID. In order to fix that they need to change name on the mortgage at the bank (numbers may vary but probably under a hundred backs) and to change title of the property.

If you ever refinance your property or moved your mortgage to another bank, you probably know that any changes to the title (unless you use bank’s lawyer who, for some reason, has special “inexpensive” powers) could be painfully expensive. Few hundreds, sometimes over a thousand backs expensive!

And what if you are doing well in real estate and own a few properties? Don’t take my word as legal advice, but may be it makes sense to talk to your lawyer about registering these properties under a company name (which you will own of cause)!