Posted on: 13th Nov, 2007 02:08 pm
Can anyone tell me if two people are on a mortgage loan, and the loan states \"Donald Smith \"or\" Mary Smith instead of \"and\" does that mean that Mary Smith has no legal claim to the property if Donald wishes to sell the property?
hi dustirose,
actually it is the deed that dictates who owns the property...the mortgae not just states who has to pay for the home. (:
so check out the names on the deed...generally if you are on the mortgage, you are on the deed. and if both names are on the deed, then one cannot refinance or sell without the agreement of the other party.
hope this helps!
actually it is the deed that dictates who owns the property...the mortgae not just states who has to pay for the home. (:
so check out the names on the deed...generally if you are on the mortgage, you are on the deed. and if both names are on the deed, then one cannot refinance or sell without the agreement of the other party.
hope this helps!
Hi Dustirose,
Welcome to this forum.
I think Kim is right. If the mortgage is on both of your names then both of you should be on the deed also. And in that case, none can sell the property without other owner’s consent.
"does that mean that Mary Smith has no legal claim to the property if Donald wishes to sell the property?" So Donald cannot sell the property without Mary Smith’s consent and she will have all the legal claims on her share of property.
I would like to know is it a community property and where do you stay?
Feel free to ask if you are not satisfied with the answer or have any further questions.
Thanks,
Larry
Welcome to this forum.
I think Kim is right. If the mortgage is on both of your names then both of you should be on the deed also. And in that case, none can sell the property without other owner’s consent.
"does that mean that Mary Smith has no legal claim to the property if Donald wishes to sell the property?" So Donald cannot sell the property without Mary Smith’s consent and she will have all the legal claims on her share of property.
I would like to know is it a community property and where do you stay?
Feel free to ask if you are not satisfied with the answer or have any further questions.
Thanks,
Larry
Hello Dustirose,
The ownership rights are determined by the deed. If you are on the title, then you may legally claim the property.
But if you are only a co-signor on the mortgage note, then you are legally responsible for the loan, if the primary borrower defaults and not entitled to the property. A co-signor may or may not be on the title.
The ownership rights are determined by the deed. If you are on the title, then you may legally claim the property.
But if you are only a co-signor on the mortgage note, then you are legally responsible for the loan, if the primary borrower defaults and not entitled to the property. A co-signor may or may not be on the title.