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?
My question is that I looking for employment and this is showing on my credit report. My son and his wife were on the mortgage but they had to put me on the deed because I was renting there and it was the condo bylaws. This is now affecting my ability to find employment...can I dispute the credit unions and have this removed?
I live in Florida.....not sure if that makes a difference or not.
Hi mb,
If the condo is already foreclosed. It means that it has been sold off. So, normally it shouldn't remain in your name any further. You should contact an attorney and take his opinion in this matter.
Thanks
If the condo is already foreclosed. It means that it has been sold off. So, normally it shouldn't remain in your name any further. You should contact an attorney and take his opinion in this matter.
Thanks
My husband has to go through loan assumption as part of his divorce settlement. In the paperwork for loan assumption it states that "...a Co-Borrower information must be also provided if the income or assets of the Borrowers spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property located in a community state ...." I do not want to sign any papers for this loan but if we don't include my name I think there is a possibility the bank will not approve the assumption. So the question is - if we do include my name in the assumption application and I sign it, does it make me liable for re-payment of this loan at any time?
I also have separately owned assets that were acquired before our marriage and are not jointly owned. Could these financial assets be used to cover any outstanding debt on the loan in the event my husband decides to default after the assumption is complete? Is there a way I can protect my assets before the application is submitted?
Thank you
PS We live in AZ.
I also have separately owned assets that were acquired before our marriage and are not jointly owned. Could these financial assets be used to cover any outstanding debt on the loan in the event my husband decides to default after the assumption is complete? Is there a way I can protect my assets before the application is submitted?
Thank you
PS We live in AZ.
Hi aktler!
Welcome to the forums!
If you become a co-borrower of the loan, then you will be liable for the payments, if your husband cannot make it. Yes, the lender can come after your property if both of you cannot pay off the loan. This will only happen when your name is mentioned on the mortgage docs.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you become a co-borrower of the loan, then you will be liable for the payments, if your husband cannot make it. Yes, the lender can come after your property if both of you cannot pay off the loan. This will only happen when your name is mentioned on the mortgage docs.
Feel free to ask if you've further queries.
Sussane
My name is on mortgage and deed but not on note for a duplex bought 30 years ago- refincnced 10 years ago. I have been paying half of the mortgage and expenses for 30 years- just noticed my name is not on note when got new insurance.
Can I declare the half the interest for taxes?
Can I declare the half the interest for taxes?
Hi marcia,
If you're paying half of the interest payments and if you have proof of that, then you may claim it on your taxes. You should also take steps to add your name to the property.
Thanks
If you're paying half of the interest payments and if you have proof of that, then you may claim it on your taxes. You should also take steps to add your name to the property.
Thanks
My Name is On Deed, But not Loan, the other person on the deed has past. No Insurance. He was an ex-boyfriend and we have been apart for 3 years. What are my options?
welcome beulah,
as your name is only on the property deed, you will be considered the property owner. the lender won't be able to come after you to recover the mortgage. however, if he does not receive the loan payments on time, he can foreclose the property. it will be better if you could refinance the mortgage in your name and pay off the dues to save the property.
as your name is only on the property deed, you will be considered the property owner. the lender won't be able to come after you to recover the mortgage. however, if he does not receive the loan payments on time, he can foreclose the property. it will be better if you could refinance the mortgage in your name and pay off the dues to save the property.
Hello, My husband wants to buy a new house, but since I am from other country and I haven't started to work here yet, I do not have any credit record, thus he says that my name can't be either on the Deed or Loan? Is that true? We live in GA. Thanks
Hi Scarlet!
Welcome to the forums!
As you don't have any kind of credit, it will be difficult for you to add your name to the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As you don't have any kind of credit, it will be difficult for you to add your name to the property deed.
Feel free to ask if you've further queries.
Sussane
My husband has walked and emptied the bank acct with him. I called the bank and pushed off the payment a couple days so I can pay it when I get paid. But it will leave me strapped to support my kids. Can I refinance the house without him? We are both on the deed and loan currently.
Your can refinance the home loan alone in your name if you meet all the required criteria of the lender. However, it will be better if you could get in touch with your husband and ask him to transfer the property ownership solely to you.
Hi Henderson!
Welcome to the forums!
Your mother will have to first get the property transferred in her name solely. Once that is done, your mother should get in touch with the lender and seek to refinance the loan. In order to do so, she needs to meet all the required criteria of the lender.
Feel free to ask if yurther queries.
Sussane
Welcome to the forums!
Your mother will have to first get the property transferred in her name solely. Once that is done, your mother should get in touch with the lender and seek to refinance the loan. In order to do so, she needs to meet all the required criteria of the lender.
Feel free to ask if yurther queries.
Sussane