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Does the person quitclaimed to the deed responsible for the loan?
Wiki User
∙ 13y ago
The person who signed the mortgage is responsible for the loan. They must notify the lender if they transfer ownership to someone else and the full balance will be due at the time of the transfer. If the mortgage isn't paid the lender will take the property.
Wiki User
∙ 13y ago
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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/
Is girlfriend responsible for mortgage if not on deed or loan?
No, of course not.
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 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.
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.
House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
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.
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.
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
If two people are listed on title of car and person on loan defaults is other person responsible?
The car goes back regardless. If BOTH of the two people are on the loan, then BOTH are responsible. But if only one is on the loan then ONLY that person is reponsible.
I had a car that got reposed and was left owning a lot on the loan and then I got married. Is my husband responsible for my pass due loan?
No, the only person responsible for the debt is the people who were on the loan.
