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Are you responsible for loan debt if you are on the deed to house but not on the loan?
Wiki User
∙ 11y ago
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoNo. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
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What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
Is the surviving spouse responsible for deceased spouses real estate loan in the state of Illinois?
It depends on whether they were listed on the deed. Most courts would rule that the spouse benefited from the debt and can be held responsible. The estate has to sell the property or settle the loan before she can inherit anything.
What happens when two people sign for a loan but only one is on the deed?
Whomever signs on the dotted line is responsible. So in this case, both people are responsible for the loan being paid regardless of who is on the deed. In fact, the deed can be transferred or deeded to someone else altogether, but the 2 individuals who took out the loan are still responsible to make sure payments are paid and who will ultimately be affected if payments are not paid. The property is only collateral for the loan.
If the husband's name is never on the loan but is on the deed is he responsible for debt?
No. If he didn't sign the mortgage then he is not responsible for paying it.
What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
In ohio if i sign a quick claim deed to land and a house when my name is on the loan what exactly does this mean for me?
In Ohio, signing a quick claim deed to land and a house when your name is on the loan will still make you legally responsible for the loan.
My husband and I agreed in a divorce decree I could stay in our home until it is sold and I am not on the loan or the deed am I legally responsible for the debt?
Was this house purchased during the time you were married? If that is the case, it is joint property regardless of whose name is on the loan and deed. You are responsible for the debt in the amount assigned to you when your marital assets and liabilities were distributed. If it has been decided that you have no interest in the property, then you are not responsible for the debt. Your agreement to stay in the house until it is sold is something that will be hard to enforce should you decide to leave. Check with your attorney, but I don't think you are obligated in any way to a house that is not yours and is not going to be your responsibility. Tell your ex you can no longer stay there and let him worry about his property.
In ohio if i sign a quick claim deed to land and a house when my name is on the loan what exactly does this mean for me-?
In Ohio, if you sign a quick claim deed to land and a house when your name is still on the mortgage loan, you will still be responsible to the bank.
Is girlfriend responsible for mortgage if not on deed or loan?
No, of course not.
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
Is the surviving spouse responsible for deceased spouses real estate loan in the state of Illinois?
It depends on whether they were listed on the deed. Most courts would rule that the spouse benefited from the debt and can be held responsible. The estate has to sell the property or settle the loan before she can inherit anything.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
You recently divorced and surrendered the house to her but did not sign a quick deed change of title The bank is now reporting it on your credit What are your options for removal?
Divorce does not alleviate you of liability on a debt; neither does a quit claim deed. Nothing changes or supercedes the original contract (note) or the lien (mortgage) which reinforces it. Your mortgage lender does not care about your marital status. The only way you can terminate your liability is to have your ex- refinance the mortgage loan in his/her name only. Deeds don't have anything to do with debt. A deed conveys your rights to property. You received the deed when you closed your loan. That is how and why you were able to move into the house, rent it out (if you chose), sell it, etc. If you sign a quit claim deed, you are relinquishing (quit claiming) your rights. You cannot relinquish the debt. Only the creditor can do that. Most likely, the lender was always reporting the debt as yours. They will continue to do so as long as the loan has a balance, because you retain liability.
Can your boyfriend be on the title or deed of the house if your father is cosigning for you?
The title and deed have nothing to do with the loan. Nothing. So anyone you agree to can be on the deed but you and your dad will be financially responsible for the house. In my opinion, MY opinion, it is foolish to have "a boyfriend/girlfriend" on a deed to a house. It is very easy to get in civil court trouble this way. I would also surmise that your dad would not agree to this situation. Y-THINK-Y
