My name is on Deed, but not on Loan, am I responsible for past loans against my house?

Not true...Sara, the transfer of title will require that the mortgage be paid in full. Any mortgage on a piece of real estate must be paid in full when title is transferred.

Guest, you don't have to concern yourself with making payments on that mortgage, but since you must provide clear title to anyone who purchases the home, it would need to be paid out of the proceeds of the sale at the time of the sale. This is just a normal part of the business, and you needn't be alarmed in the least.

No buyer, no future lender, no fool on this earth would get involved in a transaction that would leave the existing mortgage unpaid during a title transfer.

Ethically, the correct thing to do, since his name is on the deed and he IS paying 1/2 the mortgage, would be the share 1/2 of the refund with your brother. It is gracious of you to provide the opportunity to him to take the time needed to rebuild his credit however, for the sake of family and fairness, you should share the tax refund. When you think about it, his money too goes toward making monthly payments, again, whether or not you are doing it to help him with his credit, he is contributing. Now, if he were living there mortgage or rent free, then I could understand your hesitation regarding giving 1/2 of the refund to him but, in the long run, family is worth more than 1/2 of a tax credit and he is paying 1/2 the mortgage. Just make it understood, if necessary that not all perks that you receive as a part of being a homeowner will be shared or divided equally but, you are willing to share the tax credit with him becuase of his monthly contribution toward the mortgage. You will feel better in the long run and your brothe will or should continue being a good tenant while he gets his credit in order. In this economy, you never know when and if the shoe could end up on the other foot and you need your brother to do the same for you.

my name is on a mortgage of a single family home considered an investment property. my sister lives in the home and is making the payments but is having trouble. she is on the deed but not on the mortgage. i want to sell the house but can't get her to agree and because she is on the deed i need her agreement. if her name comes off the deed i can sell the house without her agreement. if her name stays on the deed and it goes into foreclosure, is her credit affected at all or what is her liabilty

Welcome Tricia,

If your sister signs a quit claim deed in your favor and transfers the property to you, then you will become the sole owner of the house. In that case, you'll be able to sell off the property without her consent or agreement. The foreclosure will not affect her credit if her name remains on the property deed. However, if her name is on the mortgage, then the foreclosure will affect her credit.

my wife and I are paying on a morgage. My wifes name is not on the morgage. She wants to buy a house with her dad. My name will not be on the house they are going to puchase. I am going to walk away from my house, I owe lots more than it is worth, I am going to live in the house that my wife and dad are going to buy. Question: Can the morgage company come after me if my name is'nt on the morgage ?

Hi ANNIE,

If your name is not mentioned on the mortgage deed, then you won't be liable for the mortgage payments. Thus, the mortgage lender will not be able to come after you for the payments.

Thanks

It was me above... just forgot to log in! :-)

My father purchased a piece of commercial property and put it in my name and my SSN (only). He and his wife have always managed it as a rental property, paid taxes on it, etc... as if it were their own. Now, they are separated and the property is on the divorce table. It's always been in my name and ssn, and still is. They have no rights to this property do they? It can't be split in the divorce if it's not theirs can it?

As the property is in your name, your parents don't have any claims over the property. If your parents divorce, then your property cannot be split.

That's my instinct as well, but my parents did pay the mortgage completely themselves, they have always managed the property as a rental, have always paid the propery taxes, etc... and the divorce attorney feels that the property is to be split, sold, whatever... I think the attorney is just wrong, but I might need an attorney of my own to be sure of this? Or, Niics, how certain are you of your reply above? Any other experts in this area have feedback? I appreciate any info and advice.

Hi Will,

It'll be better if you could consult another attorney and take his or her opinion in this matter. But if the property is in your name, then as Niicss has said, your parents won't have any claims over it.

Thanks,

Jerry

Can my husband legally take a private mortgage on the house without my knowledge if we are both on deed?

Hi rodeomom,

You husband should inform you about the mortgage if your name is on the property deed.

Thanks

My brother buogth a house ,I'm on the deed of the house ,but noy in the morgate ,he is going true bankrupcy

hi lilian,

your brother's bankruptcy filing will not affect you in any way as you're not filing bankruptcy. however, there are chances that you will lose the property.