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?
before my divorce ,i found out that my ex did not pay our mortgage i am not on the loan anyway i try talking to the lender but they just ignore me and telling me that i cant't do anything because my name is not on the loan. i send them the quit claim deed that my ex sign but still nothing is happening. iam still staying in the same home with my kids. i really need help.
thank you
mi
thank you
mi
Hi cas,
A quitclaim deed won't remove your ex-spouse's name from the property deed. It will only remove his/her name from the property deed. You will have to contact the lender and try to assume the loan. This will help you in getting the mortgage transferred in your name and then you can apply for loan modification.
Thanks
A quitclaim deed won't remove your ex-spouse's name from the property deed. It will only remove his/her name from the property deed. You will have to contact the lender and try to assume the loan. This will help you in getting the mortgage transferred in your name and then you can apply for loan modification.
Thanks
My ex husband attempted to purchase a property four years ago and was turned down due to bad credit. As a favor, I purchased the property in my name for him to rent from me. As it turns out, the title company recorded the deed in my exhusbands name and sent him the deed and the title insurance also in his name. Now I pay the mortgage and he lives in the home and I cannot refinance to get a lower interest rate. Can he legally stay there and not pay me the mortgage payment. Do I have any recourse. We were not married at the time we were divorced over six years at the time of the purchase? :oops:
Hi LindaMarie!
Welcome to forums!
If his name is not mentioned on the mortgage docs, then he is not liable to pay you a dime. If his name is on the property deed, then he can stay in the property as long as he wishes. It will be better if you could contact a real estate attorney in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If his name is not mentioned on the mortgage docs, then he is not liable to pay you a dime. If his name is on the property deed, then he can stay in the property as long as he wishes. It will be better if you could contact a real estate attorney in this regard.
Feel free to ask if you've further queries.
Sussane
I own a mobile home and want to add my boyfriend's name to the tittle. What will this cost? I live in Oklahoma
Welcome daisypetal,
You will have to use a quitclaim deed in order to add your boyfriend's name to the property deed. You will have to contact a real estate attorney who will help you in drafting the deed. You will have to pay the fees of the attorney for this. This fees will vary from one attorney to another.
You will have to use a quitclaim deed in order to add your boyfriend's name to the property deed. You will have to contact a real estate attorney who will help you in drafting the deed. You will have to pay the fees of the attorney for this. This fees will vary from one attorney to another.
my husband passed away and my house is in forcloser and my name and my husband name is on the deed but my name is not on the lone what do i do i dont want to move lived here 51 years
hi guest!
welcome to forums!
if your name is not on the mortgage docs, then you're not personally liable for the mortgage payments. however, if you want to save the property, then you should contact your lender and try to refinance the mortgage in your name.
feel free to ask if you've further queries.
sussane
welcome to forums!
if your name is not on the mortgage docs, then you're not personally liable for the mortgage payments. however, if you want to save the property, then you should contact your lender and try to refinance the mortgage in your name.
feel free to ask if you've further queries.
sussane
If I'm on the deed and not the mortgage and the house sells do I get part of the profit since I'm not on the mortgage and if it gets sold at a short sale am I responsible for the difference. Also is my signature nescessary for my husband to sell the house since I'm only on the deed. Also if it does go for short sale does the government look at that as a profit and I have to pay taxes because it will look like aprofit since the bank accepted less than what we owed.
Hi tina,
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. If the property is sold off, you should get a share of the sale price. Your signatures are necessary for the sale of the property.
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. If the property is sold off, you should get a share of the sale price. Your signatures are necessary for the sale of the property.
My husband is on the Mortgage loan only. I and my spouse are on the deed of trust. Can a credit card company put a lien on my house?
Hi Sandra!
Welcome to forums!
If you're one of the owners of the property, then your creditors can place a lien on it if you don't pay off the debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're one of the owners of the property, then your creditors can place a lien on it if you don't pay off the debts.
Feel free to ask if you've further queries.
Sussane
hello, i need some help. I get a divorce a year ego and the property were i was living with my ex its in foreclosure, he declare this loan in a bankkrrupcy, I know that Im in the deed with him, am not sure if am in the mortgate (this loan its not in my credit report) but i found the paper mortgage and my signature was there. the loan its under his name. I recently asked for a credit to buy a house in my bank and they approved me. I dont know if this its going to afect me
please help!!
please help!!
Hi virgi!
Welcome to forums!
As the loan is not mentioned in your credit report, I think you're not one of the mortgage holders. You are just a property owner but not liable for loan payments. In such a situation, I don't think his bankruptcy filing will affect you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the loan is not mentioned in your credit report, I think you're not one of the mortgage holders. You are just a property owner but not liable for loan payments. In such a situation, I don't think his bankruptcy filing will affect you.
Feel free to ask if you've further queries.
Sussane
We refinanced our home and the only way for credit was to remove me off the mortgage but I am still on the deed. If we get divorced, do I still get half of the home. I am scared that I did not investigate it fully.
Thank you so much for all the help.
Thank you so much for all the help.