With the recent increase in home foreclosures, the federal government has taken steps to increase the availability of loan modifications for troubled homeowners. The downside of the government's help is that a number of fraudulent loan-modification companies and foreclosure rescue scams have appeared, causing consumers further financial hardship. If you're considering using a particular company's services, know what steps to take to ensure it is legitimate.

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     Verify the company's credentials and accreditation, if any. You can contact your local Better Business Bureau, the Federal Trade Commission or the attorney general's office in your home state to see whether there are any consumer complaints on file online mortgage loans. These same agencies will be able to verify affiliations, licensing and memberships in professional organizations within the industry.

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There are many legitimate reasons to add a name to your mortgage title or property deed. You may want to add your spouse, you intend on selling the home, or you need to add someone to borrow against the equity of the home. However, you still need to retain control of the title--otherwise, you might lose the home. You do not want to transfer the title accidentally or provide someone with a "temporary" hold on the title. Make sure you only add someone to the title with you. Thereafter, you can then add that person to your mortgage.



Doing so however, is not a straightforward process. The mortgage company or bank may have certain policies and procedures, or demand certain requirements in order to add someone to your property title; it might not even allow the adding of another party to your mortgage.

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In the state of Arkansas, the Department of Finance processes all new car titles and changes to car titles. Any business that you want to conduct in person with the Arkansas Department of Finance has to be done through their revenue offices. A car title acts as the legal proof of ownership for a vehicle, which means that adding someone else to your Arkansas car title results in a legal shared ownership of the vehicle.

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     Download the "Application for Title or Replacement Title" form from the Arkansas Department of Finance website.

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     Complete the form with the new name information for the title. If you want your name to remain on the title, you also need to list it on the form.

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In order to add someone to a mortgage, that person has to be listed as an owner on the deed. To get someone else on the deed, you have to refinance your mortgage. Because refinancing includes fees of potentially hundreds of dollars, you shouldn't take adding someone to the mortgage lightly. However, adding someone to a mortgage can be beneficial from the tax perspective and make taking care of a home in which you have an interest legally easier.

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     Contact your lender. Review your mortgage documents and ask your lender if it charges fees or makes the loan balance come due with a transfer of ownership. Get permission in writing from your lender to add someone to your mortgage and alter the deed.

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