Posted on: 10th Nov, 2012 02:01 pm
Can a person be listed as the sole owner of a hourse and not be mentioned on the mortgage for the property?
Im not sure what state you're in, but I do see this often in CA. Happens with family interests in homes, and after divorces.
Yes, but it's not suppose to happen without the Lenders permission. The people on the mortgage note should be the same people holding Title. But sometimes people change Title with a Quit Claim. When that happens, they need to receive permission from their Lender first. Revising Title without receiving permission could result in the Lender invoking the due-on-sale clause.
The property title holder and the mortgage holder may be different persons. Parents can bestow the ownership interest to their son while keeping the mortgage liabilities on their shoulders.
There are very less chances that someone could get safe from such responsibilities, it might be that someone else is paying, known to you because such situations never happen usually.