Posted on: 28th Mar, 2010 08:05 am
ok here is the deal if anyone could give advise to ease my mind for now.............
my mother in law put my hubby on a quit claim deed in 1996 at that time the house was paid off, she did that with rights of survivorship through a attorney, since then in 2002 she refinanced at that time she was the only signer on the note, then again in 2005 she refinaced again and her name was the only name on the mortgage bill and the taxes, i did find the paperwork with the liber number stamped on it but i cannot make heads or tails of it, i did find the note page with only her signature on it but have misplaced that............the issue is chase now has the loan and she has passed away his initials are on some of the paperwork and did sign on some of the paperwork but not the note page, so therefore chase will not talk to us re: the mortgage since his name is not on it the house is not worth what is owed so a loan officer at chase who told us he coudlnt talk to us suggested we apply for our mortgage and walk away since we have no financial repsonsibilities for this home so we did that , i applied in my own name since my hubby isnt working and the underwriting just came back stating he is on record for the mortgage, i called chase back and they said he is on the title but not on note in feb i went to the county building and added my name and recorded her death certificate are we liabable for the mortgage
my mother in law put my hubby on a quit claim deed in 1996 at that time the house was paid off, she did that with rights of survivorship through a attorney, since then in 2002 she refinanced at that time she was the only signer on the note, then again in 2005 she refinaced again and her name was the only name on the mortgage bill and the taxes, i did find the paperwork with the liber number stamped on it but i cannot make heads or tails of it, i did find the note page with only her signature on it but have misplaced that............the issue is chase now has the loan and she has passed away his initials are on some of the paperwork and did sign on some of the paperwork but not the note page, so therefore chase will not talk to us re: the mortgage since his name is not on it the house is not worth what is owed so a loan officer at chase who told us he coudlnt talk to us suggested we apply for our mortgage and walk away since we have no financial repsonsibilities for this home so we did that , i applied in my own name since my hubby isnt working and the underwriting just came back stating he is on record for the mortgage, i called chase back and they said he is on the title but not on note in feb i went to the county building and added my name and recorded her death certificate are we liabable for the mortgage
Hi klowe,
Since your mother-in-law transferred ownership to your hubby through a quit claim deed, his name is on the title and he is a legal owner of the property. However, he is not responsible for the mortgage as he did not co-sign on your mother-in-law's mortgage. The lender can go after the property if the mortgage payments are not made on time. Thus, it is important for you to make the mortgage payments on time to avoid losing the home.
You can check with the lender if you can assume the loan. If an assumption is not possible and your hubby does not qualify for refinance, you can try and refinance the loan in your name. Chances are that you can qualify for a refinance at a lower rate and you may end up saving money in the long run.
Since your mother-in-law transferred ownership to your hubby through a quit claim deed, his name is on the title and he is a legal owner of the property. However, he is not responsible for the mortgage as he did not co-sign on your mother-in-law's mortgage. The lender can go after the property if the mortgage payments are not made on time. Thus, it is important for you to make the mortgage payments on time to avoid losing the home.
You can check with the lender if you can assume the loan. If an assumption is not possible and your hubby does not qualify for refinance, you can try and refinance the loan in your name. Chances are that you can qualify for a refinance at a lower rate and you may end up saving money in the long run.
Thank you Jenkin7, honestly we dont want to assume the mortgage we just want to live here and continue to pay until I get pre approved for my own mortgage the property is in michigan and is not worth it, that is right from Chase which who is the mortgage is through the loan officer at Chase said to walk away since there is no financial responsibility, I am also on the deed now but was told I would be responsible for the taxes now, we just found out the taxes were never paid last year are we responsible if the taxes only came in her name?
To kowe,
Neither you nor your hubby is financially responsible for the mortgage. You can stay in the property as long as you continue making the monthly mortgage payments. The moment the payments are stopped, the lender will foreclose the property.
You are responsible to pay the property taxes because your name is on the title and you are now a legal owner of the property. If there's an escrow account with the lender, your monthly payments include the property taxes. Otherwise, you will have to paying off the taxes on your own.
Neither you nor your hubby is financially responsible for the mortgage. You can stay in the property as long as you continue making the monthly mortgage payments. The moment the payments are stopped, the lender will foreclose the property.
You are responsible to pay the property taxes because your name is on the title and you are now a legal owner of the property. If there's an escrow account with the lender, your monthly payments include the property taxes. Otherwise, you will have to paying off the taxes on your own.
here is the new issue, i cant get approved for a mortgage cuz a public record search was done and hubby showed up recorded on the mortgage, so been going round and round on that, he is on pages 1-15 but not on the note pages 1-3! he did not sign the note but the loan officer feels it would be considered buy and bail i would have to write a letter stating that the house is current and i intend to let a family member take over payments however that is not possible, plus we are i think 2 months behind......i explained to loan officer that he is not on the note but it is still on public reacord that he is on the mortgage
Hi klowe,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/know-how/about38327.html#163590
Take a look at it. Hope it helps you.
Thanks.
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/know-how/about38327.html#163590
Take a look at it. Hope it helps you.
Thanks.