Posted on: 03rd Oct, 2009 11:35 am
In Tennessee, how can a mortgage be given to one person on a piece of property owned by two peoplle. Husband and wife
If the property isoned by both the people then bothof them need to be on the loan,
In this market it si really necessary
In this market it si really necessary
Is it already done or are you asking way to do it?
pl make it clear.
pl make it clear.
It is already done but without the consent of one party.
Then you need to call the bank who gave the loan and tell them the real situation
If that does nto help, then needto consult an attorney
If that does nto help, then needto consult an attorney
important thing is to be on deed & not one the mortgage.
i do not think that one who is not on mortgage is loosing any thing. so no need to worry.
i do not think that one who is not on mortgage is loosing any thing. so no need to worry.
I need to know if it is legal. The person not on the mortgage but on the title is still responsible for any association fees, repairs, etc. on the building.
Yes. The person not on the mortage but still on the property is equally responsible for makign payments on
property taxes
Association fee
Repairs - is not necessary
property taxes
Association fee
Repairs - is not necessary
New York State does not allow a mortgage on property unless all names on deed are on mortgage. I was told by the title company that a mortgage in Tn was not legal unless all names on deed were on mortgage. Is this corret.
in order for that mortgage to be valid, you both would have had to agree to it. check with an attorney - if you were not a party to this transaction at all, then there is a serious problem. don't bother calling the bank - they're the ones who goofed up to begin with - get an attorney to help you out.
thank you