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 recently re-financed by property. The title is still on old owners name, because while filing for new title the description page (Exhibit) was not attached. Who would be responsible to fix this issue, the title company or the escrow. The escrow is pointing at Title company and vice versa. The state is california.
Thank you
Please advice
Thank you
Please advice
Hi dannycleary,
Your ex can sign a quitclaim deed and transfer the property to you to remove her name from it. As her name is not mentioned on the mortgage docs, she will not be liable for paying any mortgage dues. The lender will also not be able to come after her.
Hi Rally,
You should contact an attorney and he will let you know as to who will do the needful in this regard.
Thanks
Your ex can sign a quitclaim deed and transfer the property to you to remove her name from it. As her name is not mentioned on the mortgage docs, she will not be liable for paying any mortgage dues. The lender will also not be able to come after her.
Hi Rally,
You should contact an attorney and he will let you know as to who will do the needful in this regard.
Thanks
My son owns his house, he wants to put my name on the deed. If I do and he is sued, can they use his house as payment and also sue me?
Hi hurkuleze!
Welcome to the forums!
Your son's creditors can place a lien on the house but they will not come after you to recover the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Your son's creditors can place a lien on the house but they will not come after you to recover the dues.
Feel free to ask if you've further queries.
Sussane
My name is own the deed but not the mortage..Myex defaulted after a12 yr. divorce now they are harassing me..but offered 1000.00$ if I would sign in lieu of closure Am I responsible in any way for the mortage :?:
Mine and my siblings name is on the house but not on the two loans our mother took out on the property. She took these loans with out are knowledge. She has since passed away are we responsible for the loans? Also if we don't pay the loans can they take the property?