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NO. The owner of the property must sign the mortgage and all the owners must sign if there are multiple owners. All the owners must consent to the mortgage so that in the case of a default, the lender can take possession of the property by foreclosure.
When you co-sign a mortgage for property that belongs to another person you have agreed to pay the loan if the principal borrower defaults. You have no rights nor interest in the property unless your name is on the deed. You have simply volunteered to pay for property you do not own.
Wiki User
∙ 12y ago
Wiki User
∙ 10y agoYes, the name of the grantor on the mortgage should match the name of the owner of the property. If an error is made that would negatively affect how the mortgage would be found in the land records, it should be corrected or explained by the bank by or there may be serious consequences. A scrivener's affidavit recorded in the land records and referenced to the mortgage and correct name could be used depending on the details. On the other hand, the bank may need to record a confirmatory mortgage.
If the error is so serious that a new name, or name used prior to the owner taking title is used, then the mortgage will not be picked up in a title examination on the property and may not be considered a lien in priority of any that may follow. However, the mortgagor would still owe the debt. Errors in names in documents that affect title to real estate can create very complicated situations. They should be caught at the time of the recording by the person who brought the document in for recording and by the recording clerk.
Wiki User
∙ 14y agoI believe ownership goes to those named on the deed.
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Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
Can you get a second mortgage with only one signer?
You need to go and see a mortgage broker. However if there is already a mortgage on the house with two signatories, it is unlikely that you will be able to get a second mortgage without the agreement of the second signatory as it will affect their primary mortgage. It will also depend on the property deed. If the land is titled to a single person, that person can obtain a mortgage. Note that a spouse is considered to be on the title even if it isn't printed there in most jurisdictions.
If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
Do both borrowers of mortgage have to be on the land deed?
Your question needs to be turned around. A person who has no ownership interest in the property should NOT sign a mortgage. When you sign a mortgage you agree to be responsible for paying the debt. If the homeowner defaults on the mortgage the lender will go after you to pay the debt if you signed the mortgage, even if you don't owe the property. It is not a wise decision to offer to pay for something you don't own.
Your parents died and left you property your name is on the deed but not on the mortgage is that a problem?
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
What would happen if you lives with your mother who dies with an unpaid mortgage and your name not on the loan or deed?
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
Is a woman's credit affected along with her ex husband's if his name only is on a mortgage yet both names are on the deed?
Assuming the morgage is defaulted upon, the person who entered into the contract would be the one whose credit is jeopardized. Even if both names are on the deed, once a mortgage is in default, foreclosure proceedings can be implemented and that may appear on both parties CR. That would be a discretionary action however.
Can somebody other than the homeowner live with you if you have a reverse mortgage?
Another person is allowed to live with you even though you have reverse mortgage. You can have the other person help pay the mortgage.
Where can a person get a reverse mortgage lead?
A person or a certain individual can get a reverse mortgage lead from any mortgage company that offers it. You can even get one from the company you're working with right now.
If your name is not on the deed but is on the mortgage what are your property rights?
If your name is not on the deed but you still signed the mortgage that didn't give you any property rights. You volunteered to pay the mortgage even though you don't own the land. If the primary mortgagee doesn't pay (the land owner) the bank will go after you for payment. If there is a foreclosure and there remains a deficiency between the sale at the foreclosure and the amount owed on the note, the bank may go after you for payment. People who don't have a fee interest in the real estate should not sign mortgages.
