Posted on: 24th Mar, 2010 08:39 am
HI, MY MOM AND SISTER BOUGHT A HOUSE IN GA. MY MOM SAYS ONLY SHE IS ON MTG AND HAS ALL THE FINANCIAL OBLIGATIONS, BUT MY SISTER IS ON THE DEED? HOW IS THIS SO? AND NOW MY SIS IS LIVING IN THE HOUSE IN GA. AND MY MOM LIVES HERE IN FL AND MY SIS STOPPED PAYING THE DEBT, NOW THE BANK IS CALLING MY MOM AND MY SIS IS LIVING THERE FOR FREE? HOW DID SHE GET ON THE DEED AND WHAT IS THE MTG CO GOING TO DO ? WILL THEY JUST FORECLOSE ON MY MOM? OR CAN THEY AT ALL WITH MY SIS ON PROPERTY DEED?
THANKS
THANKS
HELLO
WWHERE DO YOU GET REPLY
Welcome cindy,
The lender will always want that the person on the mortgage deed should have his or her name mentioned in the property deed. It is quite strange that though your mother's name is on the mortgage docs, it is not on the property deed.
If the mortgage dues are not paid on time, then the lender will have the rights to foreclose the property as the home has been used as a collateral to take out the loan.
The lender will always want that the person on the mortgage deed should have his or her name mentioned in the property deed. It is quite strange that though your mother's name is on the mortgage docs, it is not on the property deed.
If the mortgage dues are not paid on time, then the lender will have the rights to foreclose the property as the home has been used as a collateral to take out the loan.