Posted on: 18th Jun, 2012 04:08 pm
My husband & I are refinancing our first VA mortgage in the state of Illinois. He said my name does not need to be on the new loan paperwork and that it does not effect anything since I am on the deed. Is this true? What rights do I have or do I not have to the house with my name only being on the deed? How will this effect me and my ownwership to our home?
Hi Guest!
Welcome to forums!
If your name remains on the property deed, then you will remain one of the owners of the property. This is irrespective of the fact whether or not your name is mentioned on the mortgage docs. If your name is not mentioned on the mortgage docs, then you won't be liable for paying the mortgage payments. Moreover, in case of any default, the lender won't be able to come after you in order to recover the debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name remains on the property deed, then you will remain one of the owners of the property. This is irrespective of the fact whether or not your name is mentioned on the mortgage docs. If your name is not mentioned on the mortgage docs, then you won't be liable for paying the mortgage payments. Moreover, in case of any default, the lender won't be able to come after you in order to recover the debts.
Feel free to ask if you've further queries.
Sussane
Welcome B,
I agree with what Sussane has said. You will have ownership rights to the property if your name is mentioned on the property deed.
I agree with what Sussane has said. You will have ownership rights to the property if your name is mentioned on the property deed.
when the property is refinanced, they'll be a new title associated with the refinance and everybody listed on the mortgage note will also be on title. so your name needs to be on the loan paperwork in order for the two of you to be on title.
however, if you live in a community property state, you'll still share ownership of the property, even if you're not on title.
however, if you live in a community property state, you'll still share ownership of the property, even if you're not on title.
