What would you like to do?

If you are on a deed but not the mortgage are you responsible for the mortgage?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

The answer depends on when your name went on the deed. If your name was on the deed as joint owner before the mortgage was granted then the bank can only foreclose on the co-owner's half interest if you didn't sign the mortgage. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank.

If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage. That means if the sole owner of the property grants a mortgage and then transfers an interest in the property to another person, the bank can demand the full payment of the mortgage- immediately.

Many lenders during the sub-prime lending frenzy wrote mortgages without having all the owners sign. In that case the lender does not have full interest- only the interest of the person who signed the mortgage. Unscrupulous lenders are only interested in collecting the high fees and costs associated with the initial transaction. They aren't concerned with good title if the borrower defaults since the loans are sold soon after the transaction.

An attorney should always be consulted when making changes in the title to real estate. There are many lenders who break the rules in order to sell the loan.
22 people found this useful
Thanks for the feedback!

My name is on the deed but not the mortgage loan if its not paid am i responsible?

I would wonder how the lender loaned money without the signature of all the owners. \n. \nHowever, if the other joint owner granted a mortgage to a lender and hasn't paid the

What is the difference between a mortgage and a mortgage deed?

The main difference between a mortgage and a Deed of Trust is the procedure that is followed if the borrower breaches his or her agreement to pay off the loan. With a mortgage

Can you be on a mortgage but not the deed?

Yes. Often, a lender will try to get an additional co-signer to help insure the debt will be paid. When you co-sign a mortgage for property that belongs to another person you

After signing the quit claim deed who is responsible for the mortgage?

The persons who signed the note and mortgage are responsible forpaying the mortgage. You cannot extinguish your obligation to pay amortgage by executing a quitclaim deed of yo

Does a quit deed relieve you of financial responsibility on a mortgage?

No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not ch

Does a Quitclaim deed remove a cosigner's responsibility from the mortgage?

No. A quitclaim deed changes the ownership interest in the property. This does not change or impact the loan note signed by the borrowers, both of whom retain join legal liabi

Who is responsible for paying the mortgage after a quitclaim deed?

The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer
In Loans

My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?

If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husb