Name on deed but not on mortgage.

My husband's name is on both the mortgage and deed of our house in OH. Mine is only on the deed.

The property is in foreclosure at some stage - we got a workout offer, but it looks as though we will not be able to follow through with it. Having not paid even one payment on the workout offer, will the mortgage company simply *continue* with the foreclosure, or will the process start over?

The IRS has some liens on the property because my husband, unknown to me, did not pay our taxes for two years in a row, several years back (four and five years ago). That total is 10K

Is there a benefit, and is it possible, for me to get my name *off* the deed before it does fully foreclose?

If the house forecloses, will the IRS get their money from that?

You can sign a quit claim deed and transfer your property to your husband. However, you should note that as your name is not on the mortgage deed, the foreclosure of the property will not affect your credit report as your name is not on the mortgage docs. Once the foreclosure sale is complete, the IRS will receive their money from the sale if the mortgage has become subordinate to the IRS lien. After that the lender would be able to receive his share of the dues.

your name is not on mortgage. Removing your name from deed does not make any sense. situation will not change for you.

if you have some equity in house, do not remove your name from deed

I bought a home with a man in '93, I left him in the house in 2004? but could not get my name off loan. I declared bankruptcy in 2005? and I believe I had house added to banruptcy (I was afraid he would not pay) Did this really protect me? I am I still liable for loan? Am I still part owner?

Hi mimi,

What type of bankruptcy did you file? If you filed Chapter 7 and did not reaffirm the loan, then the lender would have foreclosed the property and sold it off to recover the dues. This foreclosure would be mentioned in your credit report and will also lower your credit score.

Thank you for responding. I should have added more detail. It was chapter 7, however the man stayed in the house and has made the payments until nov 2009. Now he is in jail and it looks like for the rest of his life. The bank has contacted me because of Mobilehome. I have looked on County website and see I am still on tax and listed as an owner on documents. would bankruptcy have taken my name off? So I still have rights to property? If so what can I do? I really do not want to speak to him. Thank you again for your help

Found out I am still on deed and loan, is there a way besides him signing off to get his name off deed and loan?

Hi mimi,

As your name is still on the property and the mortgage, you would be considered as the owner of the property and would be liable for the payment dues. A bankruptcy will not help you remove your name from the property. You can allow the lender to foreclose the property and sell it off at an auction. Thus, it will help you in getting rid of the property. However, your credit score would be badly affected.

Thanks

the loan is in my husbands name i am only only on deed the house my go into foecluser

the mortgage is in my husbands name i am on the deed will i be affected if thee house is forcloursed on

My husband recently passed away. He had mortgaged a condo prior to us getting married and it has been used as a rental we don't live there. I am not on the mortgage but on the deed. He owes more on the condo then what it is worth during this downturn and it is a hassled to keep it rented. Am I responsible for this condo. If i let it go back to the bank will it hit my credit in any way. There is no estate we were only married for 3 years.

Hi boo/bom,

If your name is not mentioned on the mortgage, then you're not responsible for the loan payments. Thus, your credit will not be affected due to the foreclosure. However, as the mortgage doc mentions your husband's name, it is his credit that would be affected badly.

Hi beachclub,

You've mentioned that your name is on the property deed but not on the mortgage. In that case, you're the owner of the property but you're not responsible for the loan. If you stop the payments or walk away from the property, the lender will foreclose it to recover the dues. As you're not responsible for the loan, your credit won't be affected due to the foreclosure. As your name is mentioned on the condo, you would be responsible for the property taxes and other payments related to the maintenance of the property.

Thanks,

Jerry

MY HUSBAND AND MY SELF LIVE IN THE HOME BUT I AM NOT ON THE MORTGAGE LOAN DOCS JUST THE DEED. EMC MORTGAGE DEMANDED MY INCOME AND TAX INFO TO DETERMINE THE PAYMENT ON THE "MOD" NOW THE PAYMENT HAS DOUBLED AND IS 39% OF OUR INCOME COMBINED???

Hi SHERRYVO,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/modification-incomeinfo.html

Take a look at it. I hope it'll help you.

Take care.

My husband and I are purchasing a property in Ohio, the mortgage is going in his name only, can the property be deeded in his name and mine?