Is it law that spouse name should be on mortgage loan in New York state? My mortgage company wants her name?

Question

Is it law that spouse name should be on mortgage loan in New York state? My mortgage company wants her name?

Answer 1

It is not a law (Landlord is from CA and doesn't know NY law and further disclosure is that I am not a lawyer either).  I have had two mortgages in NY where I was the only one on the note even though my wife was also on the deed.  

The right answer is that they want more people on the loan for necks to grab if it goes in default.  

good luck!

Answer 2

.    They want the most people possible to owe them the money.  That makes sense.  You can switch to another company that doesn't require her.

Answer 3

Yes, it is a community property state.   The loan belongs to both of you.

Answer 4

I don't know specifically about New York, but most states require the spouse to be on Title and the Deed of Trust (Mortgage) even if they do not apply for the loan and are not on the Note.  Some states out west allow you to hold title and deed by yourself as "a married person," but in my experience that's been the exception not the rule.  New York may be just like that or they may require you to hold title jointly or as husband and wife (or wife and husband).  In that case, no matter if she's on the loan or not, she has to at least provide her name and be present at the closing/signing.

In short - On the Loan: No, never required that I know of unless you need the spouse to qualify. On the Title / Deed: Yes, most places.  So it's pretty common to have to provide that information, at least the name.