Posted on: 02nd Dec, 2008 09:06am
Sometimes it may be the case that your name is on the property deed but not on the mortgage loan. In such situation, one pertinent question that may come to your mind is that, “Am I responsible for the mortgage dues?†The answer is no. You are not at all responsible for paying the mortgage dues, though you have ownership rights in the property.
But in the event of any legal action taken against the property such as foreclosure, responsibility will lie on you too, since you are an owner. In case of foreclosure of the property, your credit position will be negatively hit.
But in the event of any legal action taken against the property such as foreclosure, responsibility will lie on you too, since you are an owner. In case of foreclosure of the property, your credit position will be negatively hit.
My Name is On Deed, But not Loan, am I responsible for past loans against my house?...My husband recently put my name on the Deed to our House. I was never on the loan papers. If he made a loan using our home as collateral prior to our marriage would I be responsible for payment of that note?
Anybody?
tony, you can do what you want to do as far as filing a tax return. is it appropriate to "do what you want to do"? no, not necessarily. but people do strange things with their tax returns all the time (not file at all, take deductions that aren't truy allowed, etc.).
Thanks a for the response. The thing is I want my brother to be able to claim his portion of the tax claim. I am just not sure if the IRS will give him problem. Or if he is violate any law by claiming the tax. He is actually the one who pay the mortgage, and have the Cancel check to prove that. It's just that his credit is bad, and can't get the loan himself. That's why I put my name in the help him out. Thanks a lot for your response.
Hi Tony,
I think your brother will not be able to claim the tax deductions because he is not legally responsible for the loan. If he had signed on the mortgage note, he would have been responsible for the loan and could have claimed the tax deductions. But as George said, people do strange things with their tax returns. Your brother may be able claim the tax deductions. The best thing is to discuss this with a tax consultant.
Thanks,
Jerry
I think your brother will not be able to claim the tax deductions because he is not legally responsible for the loan. If he had signed on the mortgage note, he would have been responsible for the loan and could have claimed the tax deductions. But as George said, people do strange things with their tax returns. Your brother may be able claim the tax deductions. The best thing is to discuss this with a tax consultant.
Thanks,
Jerry
Thanks a lot for your advice Jerry. I really appreciate that.
person who is paying off loan, can claim tax benefit.
My boyfreind and I have a child together and bought a house the mortgae is only in his name my name is on the title also.He made me move out,i have receipts of paying my share of monthly payments is there anyway to get him to pay me something then take my name off title or what if he never sells it do i have anyrecourse
"the mortgae is only in his name my name is on the title also."
If your name is on the title you co-own the property. You are legally entitled to a share of the house. Your boyfriend cannot make you move out of the house. You can definitely claim a certain amount of money from him before you sign over your interests in the property. You can contact a lawyer. He will be able to guide you further regarding this.
If your name is on the title you co-own the property. You are legally entitled to a share of the house. Your boyfriend cannot make you move out of the house. You can definitely claim a certain amount of money from him before you sign over your interests in the property. You can contact a lawyer. He will be able to guide you further regarding this.
well..."your boyfriend cannot make you move out of the house"...kind of makes me wonder about all these relationships that falter and one of the partners "makes" the other move out. how does that work? you mean if my wife messes around on me i can't make her leave? that's not fair!
believe me, savior, i know what you're referring to; i'm just playing.
the advice of getting a lawyer involved is good advice, dee. i hope you follow it.
believe me, savior, i know what you're referring to; i'm just playing.
the advice of getting a lawyer involved is good advice, dee. i hope you follow it.
i owned my home..got married and my father lived here. He obtained a mortgage in only his name..the deed is only in my name..We have about 30 days until forelosure is final. Do i have any rights, the home has alot of equity..Also, if my nephew catches up payments i agreed 2 quit claim the deed 2 him..ANYTHING n lieu of being single mom and homeless
i won't say anything about the name, db.
how in the world did your father get a mortgage on a home he doesn't own? in the real world that's called an invalid mortgage. a property cannot be mortgaged without the consent of all owners. you need to fight this somehow.
and if you quit claim to your nephew, that won't sit very well with the lender, but that's a whole other issue.
you need to retain counsel to figure out this mortgage situation.
how in the world did your father get a mortgage on a home he doesn't own? in the real world that's called an invalid mortgage. a property cannot be mortgaged without the consent of all owners. you need to fight this somehow.
and if you quit claim to your nephew, that won't sit very well with the lender, but that's a whole other issue.
you need to retain counsel to figure out this mortgage situation.
i signed house over 2 dad just so he could get the mortgage then he signed it back over 2 me before he married..my nephew no longe gonna help out so i guess i just lose the house?? i cant take action against my dad for not paying?? (not heartless..he is leaving me homeless and i was just originally helpin him out)
willme quit claiming deed another stall the foreclosure?
i woud at least like time 2 sell and get something from th equity instead of nothing..
and heres a good one..if i am deceased will that mess it up?
i wll prob do 1 or the other..give up on life or become rebellious and trash the house if there is no hope n sight
willme quit claiming deed another stall the foreclosure?
i woud at least like time 2 sell and get something from th equity instead of nothing..
and heres a good one..if i am deceased will that mess it up?
i wll prob do 1 or the other..give up on life or become rebellious and trash the house if there is no hope n sight
My question involves a foreclosure in the State of: Maryland
My boyfriend at the time purchased a condo and included me on the title. We had broken up and he has since defaulted on the loan. I am not on the loan but only the title.
Recently I received Foreclosure papers on the property addressed with both of our names. There is also a lien place against the property in both of our names by the condo association.
I am very concerned. Am I held responsible for the condo fees? Will the foreclosure also be on my credit report if I am not on the mortgage. How will this affect me?
I also understand from his sales agent that he is has been approved for a short sale and received a sales contract but the bank is reviewing the file. How come a Foreclosure is still taking place?
Please help!
My boyfriend at the time purchased a condo and included me on the title. We had broken up and he has since defaulted on the loan. I am not on the loan but only the title.
Recently I received Foreclosure papers on the property addressed with both of our names. There is also a lien place against the property in both of our names by the condo association.
I am very concerned. Am I held responsible for the condo fees? Will the foreclosure also be on my credit report if I am not on the mortgage. How will this affect me?
I also understand from his sales agent that he is has been approved for a short sale and received a sales contract but the bank is reviewing the file. How come a Foreclosure is still taking place?
Please help!
My name is not on the mortage loan, but my name is on the deed. Unable to get any benefit for mortage loan. Now, unable to pay monthly mortage on income property. What can I do.
hi db,
your father quitclaimed the house to you, while the mortgage was still in his name, right? in that case, the transfer does not seem to be valid, unless he informed the lender. the only way to protect the house from a possible foreclosure is through refinance. your quitclaiming the property to someone else will not stall the foreclosure procedure. if you refinance the house in your name and start paying off the mortgage, you can save it from foreclosure.
hi allisonp,
since you are only on the title, and not on the loan, you are not responsible for the mortgage payments. though your name will appear on the foreclosure paper, your credit will not be affected by the foreclosure. if your boyfriend has been approved for a short sale, the lender would not have started the foreclosure. i think the short sale offer has been rejected, which is why the house is in foreclosure now.
hi elio,
if the mortgage loan is not in your name, you are not liable to pay for it. in case you cannot afford the mortgage payments, you can request for a loan modification. but as your name is not on the loan, the lender may not work with you to modify the loan. is it possible for you to refinance the loan into lower interest rate? this way, you can reduce the monthly payments and take over the responsibility of the loan.
your father quitclaimed the house to you, while the mortgage was still in his name, right? in that case, the transfer does not seem to be valid, unless he informed the lender. the only way to protect the house from a possible foreclosure is through refinance. your quitclaiming the property to someone else will not stall the foreclosure procedure. if you refinance the house in your name and start paying off the mortgage, you can save it from foreclosure.
hi allisonp,
since you are only on the title, and not on the loan, you are not responsible for the mortgage payments. though your name will appear on the foreclosure paper, your credit will not be affected by the foreclosure. if your boyfriend has been approved for a short sale, the lender would not have started the foreclosure. i think the short sale offer has been rejected, which is why the house is in foreclosure now.
hi elio,
if the mortgage loan is not in your name, you are not liable to pay for it. in case you cannot afford the mortgage payments, you can request for a loan modification. but as your name is not on the loan, the lender may not work with you to modify the loan. is it possible for you to refinance the loan into lower interest rate? this way, you can reduce the monthly payments and take over the responsibility of the loan.