Posted on: 04th Aug, 2011 03:41 pm
Will someone help me understand what it means when your name is included in the deed but not the mortgage loan :?
Hi Hector,
It only means that you're the owner of the property but you're not responsible for the mortgage payments. If the property is foreclosed, though you'll lose it, you won't be liable for paying the deficient balance and your credit won't be affected.
Thanks
It only means that you're the owner of the property but you're not responsible for the mortgage payments. If the property is foreclosed, though you'll lose it, you won't be liable for paying the deficient balance and your credit won't be affected.
Thanks