my wife wants to change the name on her mortgage to reflect her new married name however the mortgage company is saying that there is a $50 charge to do this because of the paper work that has to be done. isnt this just part of their cost to do business? Just curious if this is typical of mortgage companies and what other people have seen. JD
I would think the charge is probably reasonable. If a name change takes place don't they have to re-record this information with the registry of deeds? If that's true theres a charge for that based on the price of the house ... Any mortgage or real estate experts out there?
I found the same thing to be true with our last mortgage. I called them, as a courtesy, to update my records. They said they would change the name for $50. I couldn't think of a reason why it had to changed, so I let it go. It was NEVER an issue--not while we lived there and not when we sold the house. Don't give them $50, it is not worth it.
If you're trying to get derogs deleted from your credit report that are under your old name, then it might be worth ponying up the $50.
