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?
it would seem not based on his lack of ownership. however, what seems to be the case often isn't when someone goes to court to prove a point.
in this situation, i think i'd be displeased to see someone cutting me off after 15 years (i know you didn't say it was by your/his choice, etc.) without compensation after 15 years of contributing to the household together. that would hurt.
in this country, suing others is an everyday activity, so i suppose if he felt he was wrongly taken care of, he could begin a suit and seek damages.
did the two of you ever have an oral agreement about the ownership?
in this situation, i think i'd be displeased to see someone cutting me off after 15 years (i know you didn't say it was by your/his choice, etc.) without compensation after 15 years of contributing to the household together. that would hurt.
in this country, suing others is an everyday activity, so i suppose if he felt he was wrongly taken care of, he could begin a suit and seek damages.
did the two of you ever have an oral agreement about the ownership?
What is the disadvantages of adding a husband's name with a bad credit on a title ? Is it advisable? He is not on the loan.
he can't do you any harm in terms of your existing mortgage, but if his bad credit is still out there, you run the risk of a creditor placing a lien on the property to ensure payment.
my name is on the deed but my brother purchased the house, i live in the home and pay all of the mortgage, property tax, insurance, and homeowner dues, could i claim the taxes since he does not claim them?
Hi Rachell,
Your name is on the title and you have ownership rights to the property. You have also been paying the mortgage, taxes, insurance, etc. So, you can definitely claim the taxes. There should not be any problem for you in doing so.
Your name is on the title and you have ownership rights to the property. You have also been paying the mortgage, taxes, insurance, etc. So, you can definitely claim the taxes. There should not be any problem for you in doing so.
i don't understand, rachell, what this means: "my name is on the deed, but my brother purchased the house."
in his purchasing the house, his name would be on the deed as well. in order for you to be on the deed, you would have to be an owner. owners generally purchase the home. did something happen other than that?
in his purchasing the house, his name would be on the deed as well. in order for you to be on the deed, you would have to be an owner. owners generally purchase the home. did something happen other than that?
I AM TRYING TO SEE IF MY HUSBAND AND I ARE LEGALLY RESP FOR A LOAN IF OUR NAME IS NOT ON THE LOAN BUT ON THE DEED/TITLE. THE HOUSE IS IN FORCLOSURE AND WE ARE RECEIVING LETTERS WITH OUR NAME ON THEM AS WELL AS MY FATHER IN LAWS NAME TO WHOM IS ON THE LOAN AND HAS PASSED AWAY.
heather if your name is not on a loan, you are not responsible for making payments. however, since you are owners of this house going to foreclosure, the lender is required to put you on notice that you're about to lose the house due to nonpayment of the mortgage. if you wish to stay in the home, you can make arrangements to pay the mortgage. if you don't care, that's fine too.
MY NAME IS ON THE HOUSE DEED, BUT NOT THE MORGAGE. AM I RESPONSIBLE FOR HALF. WE ARE GETTING A DIVORCE. I LIVE IN MI
Hi JODY,
You are not responsible for the repayment of the mortgage unless you co-signed or co-borrowed with your spouse. You are legally not liable to pay off the mortgage if you did not sign on the mortgage promissory note. But in case you are in a community property state, your spouse's debt will be considered as your liability until you are divorced.
You are not responsible for the repayment of the mortgage unless you co-signed or co-borrowed with your spouse. You are legally not liable to pay off the mortgage if you did not sign on the mortgage promissory note. But in case you are in a community property state, your spouse's debt will be considered as your liability until you are divorced.
Im responding to GUEST. You stated that your little brother is only on the deed. From my experience if he pays HALF the tax deduction it will not help build his credit back up. (I was in the same situation)
To build his credit up just pay his bills on time like credit cards and car payments that he took a loan out on his own. I did not have no credit I ordered a Aspire Visa were I had to pay about 75-100 dollars but once i payed the minimum monthly payments of $25 a month, for only 5 months it brough my credit score up. It really worked.!!
To build his credit up just pay his bills on time like credit cards and car payments that he took a loan out on his own. I did not have no credit I ordered a Aspire Visa were I had to pay about 75-100 dollars but once i payed the minimum monthly payments of $25 a month, for only 5 months it brough my credit score up. It really worked.!!
My mother is getting older and worried bout going to the nursing home She bought our family Farm (Where her parents lived and she was born) in her will the farm goes to me but if she would happen to go to the nursing home we are afraid they will make us sell the property. How can we protect the farm from being taken if she does go to the nursing home the deed and mortgage are both in her name???? :(
To jenny,
Your mother can transfer the title to you through a lady bird deed. This will transfer the ownership to you right away while she will retain life estate to the property. It means that though you will be a legal owner of the property, your mother will have the right to use the home as her primary residence during her lifetime.
Signing the lady bird deed does not make your mother ineligible for Medicaid. But she needs to express her intent to return to the property after being taken to the nursing home. The home can be exempt from Medicaid asset recovery if her spouse or you occupy the property when she is not around.
Your mother can transfer the title to you through a lady bird deed. This will transfer the ownership to you right away while she will retain life estate to the property. It means that though you will be a legal owner of the property, your mother will have the right to use the home as her primary residence during her lifetime.
Signing the lady bird deed does not make your mother ineligible for Medicaid. But she needs to express her intent to return to the property after being taken to the nursing home. The home can be exempt from Medicaid asset recovery if her spouse or you occupy the property when she is not around.
my boyfriend and i lived together at two places over a five year period, i got cable in my name and did not pay my bill therefore it was shut off and went into collections,,,,when we moved out to a new address he placed the cable in his name ofter 3 years paying on time he shut it off and a past due amount was on it,,,,we have broken up i live alone and decided to pay my bill off...here is where it gets tricky, after MY service was trunt back on in MY NAME......NOT ASSOCIATED WITH HIM AT ALL IM SINGLE NEVER MARRIED, i paid my first bill online payment, they put my 99 doller payment on HIS past due account, they said im associated on his account and the monies cannit be turned over into my account in my name....is this legal
To sheena,
It seems that your name still appears on the bill even after your ex-boyfriend is supposed to have put it in his name. They applied your 99 dollar on ex-boyfriend's past due account because the account is still considered to be jointly held by you and him. It is unlikely that you will get a refund of the money you've already paid them. But you should first check out if both you and your ex's names appear on the account before making any further payments.
It seems that your name still appears on the bill even after your ex-boyfriend is supposed to have put it in his name. They applied your 99 dollar on ex-boyfriend's past due account because the account is still considered to be jointly held by you and him. It is unlikely that you will get a refund of the money you've already paid them. But you should first check out if both you and your ex's names appear on the account before making any further payments.