Posted on: 23rd Jan, 2010 05:44 pm
[font=Arial:c2b5bc0f09][/font:c2b5bc0f09]
hi my name is in the deed but not in the mortgage. my parents put my name there without me knowing it. now i want to get my own house. how will i remove my name from my parents deed so i can get my own house. thanks.
hi my name is in the deed but not in the mortgage. my parents put my name there without me knowing it. now i want to get my own house. how will i remove my name from my parents deed so i can get my own house. thanks.
You don't need your name removed from their Deed in order for you to buy a house. If you were on the Note you'd be impacted, but you're not, so no worries.
Being on the Deed gives you an interest in the Property as a part owner, but does not obligate you in any way to pay any debts associated with the property. Being on the deed is a good thing.
Being on the Mortgage Note obliges you to pay the loan, and this is what yopu want to avoid. If you're on the Deed, but not the Note then you're in a good position. You are entitled to the advantages of partial ownership of the property but are not obligated to pay the mortgage. If the mortgage is defaulted and the home is foreclosed on, it will not affect your credit.
If anything, being on the Deed may help you get a new loan.
Being on the Mortgage Note obliges you to pay the loan, and this is what yopu want to avoid. If you're on the Deed, but not the Note then you're in a good position. You are entitled to the advantages of partial ownership of the property but are not obligated to pay the mortgage. If the mortgage is defaulted and the home is foreclosed on, it will not affect your credit.
If anything, being on the Deed may help you get a new loan.
thanks for the input guys.
i don't know of any way in which being an owner will assist you in obtaining a new loan for the purchase of a home, as guest stated. but there's no detrimental aspect of it, either.
Hi,
It is good to know that you are planning to buy a new house. As you said that your name is in the deed and not on the mortgage, so you are not responsible if the mortgage is default. However, you can apply for a loan as you are not liable for the mortgage loan of your parents. It is good that you are in the deed. You can enjoy the advantages of the partial ownership of the property.
If you have any doubts consult a good lawyer who will clear all doubts.
All the best.
It is good to know that you are planning to buy a new house. As you said that your name is in the deed and not on the mortgage, so you are not responsible if the mortgage is default. However, you can apply for a loan as you are not liable for the mortgage loan of your parents. It is good that you are in the deed. You can enjoy the advantages of the partial ownership of the property.
If you have any doubts consult a good lawyer who will clear all doubts.
All the best.