Posted on: 19th Aug, 2009 08:01 pm
can i be on a warrenty deed but not on loan an whats is a deed of trust an why would i have to sign deed of trust if am not on the warranty deed
cfhclongbeach
Welcoem to the forum
Check this post
http://www.mortgagefit.com/deed-trust.html
Good luck and feel free to ask
Welcoem to the forum
Check this post
http://www.mortgagefit.com/deed-trust.html
Good luck and feel free to ask
Hi cfh,
A deed of trust is a legal document that makes the borrower responsible for the mortgage and puts the property as collateral for the loan. A warranty deed relates to the property title. It is possible for you to be on the warranty deed, rather property title and not be on the deed of trust or the loan. But if you are not on the title to the property, no lender would want to add you to the loan.
If you are not on the title, there's no need for you to sign on the deed of trust. Even if you sign on the deed of trust, make sure you do not sign on the promissory note, in case you don't want to be on the loan. Once you sign the mortgage note, you become liable to make payments towards the loan.
A deed of trust is a legal document that makes the borrower responsible for the mortgage and puts the property as collateral for the loan. A warranty deed relates to the property title. It is possible for you to be on the warranty deed, rather property title and not be on the deed of trust or the loan. But if you are not on the title to the property, no lender would want to add you to the loan.
If you are not on the title, there's no need for you to sign on the deed of trust. Even if you sign on the deed of trust, make sure you do not sign on the promissory note, in case you don't want to be on the loan. Once you sign the mortgage note, you become liable to make payments towards the loan.