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If both names are on the mortgage and deed and you breakup who is responsible?
Wiki User
∙ 16y ago
Both owners.
Wiki User
∙ 16y ago
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Who has to leave the house when a legal separation is taking place and who is responsible for paying the mortgage?
You can be separated and still live in the same house. No one has to move.The mortgage payment is made by the person whos name is on the mortgage. If it is in both names you are both responsible.
Can I get a mortgage in my name using my live-in boyfriend's income?
No. In order to obtain a mortgage in your name, you have to prove that you, as the mortgage holder, will be able to pay the mortgage yourself. The banks do not consider a live-in boyfriend's income a reliable source of income for yourself, nor can they hold him responsible for payment if the mortgage is in your name. You will have to get the mortgage based on your income, unless you and he put the mortgage in both names, using both of your incomes.
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
Can you assume a mortgage after your divorce - If you are unable to refinance - do you have other options?
You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
Unmarried couple both names on deeds only one pays the mortgage?
Unmarrie couple both name on deeds the mortgage is on his name
What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
Only one spouse on mortgage are both responsible for foreclosure?
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
In the state of Maryland both parents died there is no will are the surving children responsible for mortgage on the house?
No, the estate is responsible for the mortgage. This sounds like a case for getting the estate set up and get the house sold as quickly as possible.
If you are married must a mortgage use both partners' credit or can it be in only one person's name?
My wife and l bought a condo and it is in both our names but the loan is only in my name We just bought a house but the mortgage loan is only on my name. The title and deed is is both our names.
