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?
Welcome dee,
If you name remains in the property deed, then you may claim some ownership to that property. Nevertheless, to be on the safe side, you should get in touch with a real estate attorney and get you to know your rights in this regard.
If you name remains in the property deed, then you may claim some ownership to that property. Nevertheless, to be on the safe side, you should get in touch with a real estate attorney and get you to know your rights in this regard.
my partner and i are not married we bought a house together as a investment which my father lives in my name is not on the morgage as i am still leagally married and we were afraid my ex husband would have a leagal right to the house however i am now worried if anything were to happen to my partner as he has just had a stroke or even if we were to seperate. is there any kind of contract we could sign in order to protect me
Hi monarch!
Welcome to the forums!
Your partner can draft a will and declare you as the beneficiary of the property. This will help you get the property upon his death.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Your partner can draft a will and declare you as the beneficiary of the property. This will help you get the property upon his death.
Feel free to ask if you've further queries.
Sussane
Hello, I have read through and think I know the answer but I will ask anyway.
My father passed away in 2007 and left me his house. My name is on the deed and his name is on the mortgage. I was a college student at the time and did not have good enough credit or income to refinance in my name. The loan is still in his name, the house still in mine now six years later. I have paid every payment on time but I still owe just under what the house is worth on his mortgage. I know I have one option of selling to pay off the mortgage but I absolutely do not think I will get enough to cover the total cost as the neighborhood isnt what it once was.
I would really like to walk away from the house and move closer to my work. It seems like the answer to my question is that I am not responsible for the loan payments but if the house were to fall into foreclosure that I will be named on the suit as the homeowner. Correct? If that is the case then what does that really mean? Will it negatively affect my credit? I wouldn't think it would since I've been making payments for 6 years and it hasn't in anyway helped it, so why would it be able to hurt it? I am located in Ohio, if that is a factor.
Thank you for your time,
Chris
My father passed away in 2007 and left me his house. My name is on the deed and his name is on the mortgage. I was a college student at the time and did not have good enough credit or income to refinance in my name. The loan is still in his name, the house still in mine now six years later. I have paid every payment on time but I still owe just under what the house is worth on his mortgage. I know I have one option of selling to pay off the mortgage but I absolutely do not think I will get enough to cover the total cost as the neighborhood isnt what it once was.
I would really like to walk away from the house and move closer to my work. It seems like the answer to my question is that I am not responsible for the loan payments but if the house were to fall into foreclosure that I will be named on the suit as the homeowner. Correct? If that is the case then what does that really mean? Will it negatively affect my credit? I wouldn't think it would since I've been making payments for 6 years and it hasn't in anyway helped it, so why would it be able to hurt it? I am located in Ohio, if that is a factor.
Thank you for your time,
Chris
Hi Lawrence,
Yes, your name will be me mentioned as the homeowner in the lawsuit but you won't be liable for the mortgage payments or the deficiency balance payments after the foreclosure sale. It won't have a negative impact on your credit.
Thanks
Yes, your name will be me mentioned as the homeowner in the lawsuit but you won't be liable for the mortgage payments or the deficiency balance payments after the foreclosure sale. It won't have a negative impact on your credit.
Thanks
Thanks for the response jameshogg. So it will be named on the lawsuit, will there be mention of it at all on my credit? A note or anything? And this applies to all states?
i have a horrible problem and i don't see anyone with the same issue. i divorced in 2009 and his name is on the mortgage but my name is on the deed. when we divorced, i was given a quit claim deed and then i called the mortgager to assume the loan but they will not do it nor will they speak to me about the loan. i have been making all pymts. on this house and have lived in it ever since. i don't have a credit score so no bank will work with me. will i have to pay on his loan for the next 30yrs?? is there a way to force that bank to give me the loan? the last i heard from them (4yrs. ago) was that since i signed the deed first and then called the bank, i cannot assume the loan. so that's it then? he can never buy another house and i can never build my credit?
I guess I could sell the house. It's not worth anything near what it says on the loan though. I really like it here. Is that my only option?
Hi Lawrence!
Welcome to forums!
The rules are more or less same in all the states. There can be a note mentioned in your credit file that your property was included was included in someone else's foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The rules are more or less same in all the states. There can be a note mentioned in your credit file that your property was included was included in someone else's foreclosure.
Feel free to ask if you've further queries.
Sussane
Thanks for the response Sussane :)
So it won't effect my credit score but could potentially hurt my chances if my credit score was on the fence for buying a home in the future?
So it won't effect my credit score but could potentially hurt my chances if my credit score was on the fence for buying a home in the future?
Hi Lawrence,
I don't think it will have much negative impact on your chances to qualify for a new home loan.
I don't think it will have much negative impact on your chances to qualify for a new home loan.
Hello! My husbans has been planning on buying a new house. His name is on a loan, but he wants to put both of us on a title of the house. In case if we decide to get divorce in the future, do I have any rights for this house? Can I still stay in the house and start paying for the house? Thank you,
Tatyana
Tatyana
Hi Tatyana,
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. In such a situation, you will be able to claim your share in case of a divorce. However, if your name is not on the mortgage, then you wonbe liable for the mortgage payments.
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. In such a situation, you will be able to claim your share in case of a divorce. However, if your name is not on the mortgage, then you wonbe liable for the mortgage payments.
Can I ask a question about an invsetment property in United Kingdom (the one that is rented by tenenats already). For that particular property if my husband's name is on the mortgage but not on the title and I'm the sole owner of the title (I'm also in the momtgage) does he's responsible for paying taxes from the rental income through the whole tax year? Also in case we keep that rental proeprty as it is at the moment 50 % his - and 50 % mine, does the rental tax at the end of the tax year should be separate in 2 and eveyone to pay his part of the tax.