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?
If my name is on the mortage is it also on the deed?
Unless your name is mentioned on the property deed, the lender will not be ready to give you a mortgage for that property. Thus, it can be assumed that if your name is mentioned on the mortgage, then it is also on the deed.
I am married and live in california. My wife and i have a house that is not worth any where near to what we owe.My wife is on the loan and title and i am not on either if we walk away from the home am i liable or can the mortgage company come after us. We only have a first mortgage what is the best way to handle this situation?
Welcome richie,
As your name is not on the mortgage and the title of the property, the lender cannot come after you in order to recover his dues. He will go after your wife to collect the dues if both of you walkaway from the property.
As your name is not on the mortgage and the title of the property, the lender cannot come after you in order to recover his dues. He will go after your wife to collect the dues if both of you walkaway from the property.
Canadian resident
My husband walked out. We are both on the mortgage and put the house up for sale. My question is am I responsible for all the mortgage?
My husband walked out. We are both on the mortgage and put the house up for sale. My question is am I responsible for all the mortgage?
Hi Bonnie!
Welcome to forums!
If your name is mentioned on the mortgage docs, then you'll be responsible for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the mortgage docs, then you'll be responsible for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
I am on the deed of the house but not on the mortgage. I live in the home and was sending the payments to the person on the mortgage. The person who is on the mortgage stopped paying the payments, and now the house is in foreclosing process. Does anyone know if I can apply for a mortgage on my own and save the house??
If you have the required credit score and income, you can get a mortgage in order to save the property. But if the mortgage payments are already delinquent, then you'll have to bring the account current and then apply for a new loan on that property.
what is a defendent in a forclosure .does it go on your credit report
when you never signed any papers for the mortgage loan
when you never signed any papers for the mortgage loan
Welcome michelle,
The borrower will be the defendant of the loan. It will be mentioned in your credit report as a negative item. However, if you've never signed the loan, then you won't be considered as the borrower or the defendant.
The borrower will be the defendant of the loan. It will be mentioned in your credit report as a negative item. However, if you've never signed the loan, then you won't be considered as the borrower or the defendant.
My husband and I purchased a home together....After refinancing the mortgage the loan was in my name only. I lost my job and the house went to foreclosure. My husband has purchased a new home in Florida. After four months the broker is saying that he is foreclosing on this house because my husband was on the other title. All payments have been made by him in a timely fashion.
hi bs,
if your husband's name was not mentioned in the mortgage docs while you refinanced the loan, then he was not responsible for paying off the loan. thus, he can take out a mortgage now in order to buy a property. the lender cannot foreclose the property. even if the lender tries to foreclose the property, your husband can contact other lenders and try to refinance the mortgage in his name.
thanks
if your husband's name was not mentioned in the mortgage docs while you refinanced the loan, then he was not responsible for paying off the loan. thus, he can take out a mortgage now in order to buy a property. the lender cannot foreclose the property. even if the lender tries to foreclose the property, your husband can contact other lenders and try to refinance the mortgage in his name.
thanks
If I put my daughter's name on the deed to my house and I and I default on the loan, is she responsible for the payments? Could she just assume the loan or make payments herself? If I pass away, can she assume the loan or would she have to refinance in her name?
Hi Guest!
Welcome to forums!
If your daughter's name is not mentioned on the property deed, then she is not responsible for the payments. However, if she wants to save the property from foreclosure, then she may pay off the loan. Moreover, if she has the required credit score and income, she will be able to get a refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your daughter's name is not mentioned on the property deed, then she is not responsible for the payments. However, if she wants to save the property from foreclosure, then she may pay off the loan. Moreover, if she has the required credit score and income, she will be able to get a refinance.
Feel free to ask if you've further queries.
Sussane
Hello, my boyfriend and I live together since 2004. If we split up do I have any rights to the home. Both of our names are on the deed but his name is only on the mortgage note. He keeps saying the house is his and he can kick me out anytime.