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?
In washington state there is a law that the mortgage company cannot pursue for the amount due on the house if you forclose, or whatever. Let's say someone has a loan on a house in washington and forcloses. However, they then get their name on a deed in a house in oregon but they are not on the loan in oregon. can the banks come after the property in oregon?
My father was honorably discharged during war time.... My parents purchased a house with a VA loan.... They paid the house off twice.... She took a loan out on the house but my fathers name isn't on the loan but is on the deed.... She passed away last year and now home is on the verge of foreclosure.... Is there any assistance or veterans benefits to prevent this from happening?
Hi Jay!
Welcome to the forums!
If the loan is not paid on time, then the lender has the rights to foreclose the property. As your father's name is not mentioned on the mortgage docs, there is hardly anything that he can do in this regard. Nevertheless, he can still speak to the Department of VA and check out if they can help him.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
If the loan is not paid on time, then the lender has the rights to foreclose the property. As your father's name is not mentioned on the mortgage docs, there is hardly anything that he can do in this regard. Nevertheless, he can still speak to the Department of VA and check out if they can help him.
Feel free to ask if you have further queries.
Sussane
Currently my husband is trying to buy a new home. We went through bankruptcy 2 years ago and can apply for FHA. I had a property foreclose that was in my name for the loan that cleared through bankruptcy. However, my husband's name was on the deed. Will he be able to get a FHA loan still?
Hi Guest,
If your husband's name was not mentioned on the mortgage docs, then the bankruptcy and the foreclosure did not had any effect on him. In such a situation, he will be able to qualify for a FHA loan.
Thanks
If your husband's name was not mentioned on the mortgage docs, then the bankruptcy and the foreclosure did not had any effect on him. In such a situation, he will be able to qualify for a FHA loan.
Thanks
My deceased parents deed to house is in their name. The bank loan is in my sisters name. Money still owed on home that the estate is paying. The will stipulated everything was to be divided evenly. Is the home to be split or does all equity belong to sister because the loan is in her name?
Hi kksmb,
If the will states that everything should be divided evenly, then you will be able to claim a share in the equity.
Thanks
If the will states that everything should be divided evenly, then you will be able to claim a share in the equity.
Thanks
Can I refinance the home if I'm not on the mortgage but on the deed
Hi 2unknow4u,
You can refinance the loan if you meet all the required criteria of the lender. Once you refinance the loan, your name will be added to the mortgage docs. Thus, you will be liable for the payments.
You can refinance the loan if you meet all the required criteria of the lender. Once you refinance the loan, your name will be added to the mortgage docs. Thus, you will be liable for the payments.
I am currently in the process of re-financing my home that I purchased before my husband and I were married. I live in PA and the mortgage co. is saying that the title co. is requiring my husband to sign papers to do with the title or the deed. They stated that this is because we live in a state that has community property laws. They only brought this to my attention last minute and are not really clear why his signature is required...I was hoping to have some light shed on this before he signs anything.
Hi pabbb!
Welcome to the forums!
In community property states, the husband and the wife have equal rights to the property. Thus, the lender wants to make sure that your husband's name is added to the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
In community property states, the husband and the wife have equal rights to the property. Thus, the lender wants to make sure that your husband's name is added to the property deed.
Feel free to ask if you've further queries.
Sussane
I understand that now after doing some research. However, the papers they want signed have him sign on a line that says "borrower" even though he is not listed that way in any other places of the closing documents.
The main problem with this is he has some premarital debt, and i dont want any liens to be put on the property because of this refinance.
The main problem with this is he has some premarital debt, and i dont want any liens to be put on the property because of this refinance.
ok, i just talked to the lender. They said his name will be on the title and deed, but not the note. Does this sound normal?
Hi pabbb,
This is quite normal. However, if you still have doubts, you should definitely get in touch with a real estate attorney.
Thanks
This is quite normal. However, if you still have doubts, you should definitely get in touch with a real estate attorney.
Thanks