Posted on: 09th May, 2009 08:26 am
How can a bank issue a mortgage to someone who does not have a vested interest in the property being mortgaged? I have a couple that purchased a home (Massachusetts) prior to marriage in 97. The future husband had bad credit so the mortgage and deed were put in the future wife's name along w/ her parents. They were married in 98. In 2007 the property was conveyed solely to the wife (but husband was told he was being put on deed as well). I did a title rundown - there is a 155K mort in 2004 in husband and wife's name but NO deed in both their names - title to property still remains in just wife's name. How could a bank authorize this mortgage?
the husband can be a borrower without being an owner. this has been the case for as long as i've been around (and that's a while).
GEORGE IS CORRECT
