Posted on: 10th Mar, 2010 05:43 am
my husban and i are on the deed but not the mortagage. the mortgage is in my father's name. i live in the home and my husband and i paying the mortagage. we are behind on the mortgage. we are working on getting current. i want to stay in the home. i cannot refinance to take him off the loan because we are behind on the mort payments. i want my father off the mortgage because he lost his job and has serious health issues. can the bank take our property from my husband and i? should contact a lawyer? what are my rights as a property owner?
If the loan is in his name and not yours, then you actually will not have any mortgage lates on your credit report. If you can qualify for the loan, then you can refinance it.
Hi joseph,
Since you and your husband are on the deed to the house, both of you are the legal owners of the property. If you are not on the loan, you are not responsible for repayment of the loan. However, if your father defaults on the loan, the lender can foreclose the property as it is the collateral for the mortgage loan. In such a case, you do not have any rights as owners to protect the house from foreclosure. You cannot also take your father's name off the loan unless you can refinance the property.
Since you and your husband are on the deed to the house, both of you are the legal owners of the property. If you are not on the loan, you are not responsible for repayment of the loan. However, if your father defaults on the loan, the lender can foreclose the property as it is the collateral for the mortgage loan. In such a case, you do not have any rights as owners to protect the house from foreclosure. You cannot also take your father's name off the loan unless you can refinance the property.
