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?
I have a house under my name and I would like to refinance. Is the loan going to be under my name or under the house?
Hi my aunt!
Welcome to the forums!
As you will be taking out the loan, it will be in your name and the property will be considered as the collateral. There will be a lien on the house.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As you will be taking out the loan, it will be in your name and the property will be considered as the collateral. There will be a lien on the house.
Feel free to ask if you've further queries.
Sussane
Ok, so my ex-fiancé broke up with me about 4 months ago..... She kicked me out, I went to live with my parents to avoid fighting/arguing and to give her space ( we had been together for 9. Years and we have 3 children together ). I am on lease still, I know sounds rediculous...... But we were trying to work things out. I am also on the mortgage....... Seems as if we will not be gettingcback together..... at keast not any time soon. What can I do/should I do, what am I legally responsible for?
Hi Guest,
You are in a tough situation. If your name is on the mortgage and the property deed, you are solely responsible for it. Thus, you have the sole rights to live in the property. If you want your ex to take over the property and the mortgage, then you will have to ask her to refinance the loan in your name. Moreover, she cannot legally kick you out of the property.
Thanks
You are in a tough situation. If your name is on the mortgage and the property deed, you are solely responsible for it. Thus, you have the sole rights to live in the property. If you want your ex to take over the property and the mortgage, then you will have to ask her to refinance the loan in your name. Moreover, she cannot legally kick you out of the property.
Thanks
I am currently in a foreclosure case and may lose my property. My sister and I have two rental properties together, as well. My property in foreclosure is strictly mine however. Our other two properties together she is on the loan alone, but we are both on the deed. If my foreclosure doesn't reach a settlement and goes through, can the bank come after my other two properties that I am on the deed on, but not the loan. If so, is it lawful to remove myself off the deed prior to the foreclosure trial?
I owe a house in NYC and my two sister on deed. One of sister pass away, but does not have a will. I would like to sell the house. What will the procedure.
Hi!
Welcome to the forums!
To Guest,
After the foreclosure, if you are unable to pay the deficient balance to the lender, then he can come after your other properties (which you share with your sister). The lender may place a lien on them. In order to avoid that situation, you can remove your name from the property deed. However, you should contact a real estate attorney before taking any step in order to clarify whether or not, it is the right time to remove your name from the properties.
Thanks
To jorge,
You and your other sister will have to file an affidavit of heirship and get the property transferred solely in your names. This will help you and your sister in selling off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
To Guest,
After the foreclosure, if you are unable to pay the deficient balance to the lender, then he can come after your other properties (which you share with your sister). The lender may place a lien on them. In order to avoid that situation, you can remove your name from the property deed. However, you should contact a real estate attorney before taking any step in order to clarify whether or not, it is the right time to remove your name from the properties.
Thanks
To jorge,
You and your other sister will have to file an affidavit of heirship and get the property transferred solely in your names. This will help you and your sister in selling off the property.
Feel free to ask if you've further queries.
Sussane
i bought a house that supposly was from owner to owner i later found out that this person had a lien on the house and defaulted payments the new company contacted me and wanted me to make payments to them now. my question is house ever gonna be mine? the new comapany wants me to send them all paper work beacuse the guy only sent them the note not deed. will i be reponsible if i move out?
Welcome Guest,
If you pay off the liens and all other charges and fees of the new company, then you will be able to own the property.
If you pay off the liens and all other charges and fees of the new company, then you will be able to own the property.
My name is in the property deed but not on mortgage loan. I want to be add to the tittle i didn't go into probate because my father acess were less than 150, 000. I hope you can help me.
Hi alize!
Welcome to the forums!
If your name is mentioned on the property deed, then it means that your name is on the title of the property. You do not have to sign any other docs to add your name to the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If your name is mentioned on the property deed, then it means that your name is on the title of the property. You do not have to sign any other docs to add your name to the property deed.
Feel free to ask if you've further queries.
Sussane
my husband and i bought a house in 2004, the loan is in my name but bc of community property laws, his went on the title...we are now divorced, i refinanced the home last year, and discovered, my name is not on the deed. so i'm the only one on the loan and he is the only one on the deed. he refused to sign papers terminating his rights to the house...what are my rights?
Hi anonymous,
Unless your name is added to the property deed, you will not be considered as the owner of the property. You will have to somehow convince your ex to add you to the property deed.
Thanks
Unless your name is added to the property deed, you will not be considered as the owner of the property. You will have to somehow convince your ex to add you to the property deed.
Thanks
My wife and I may have to default on our mortgage, she is on the deed but not the loan. Can she be held responsible for the payments.