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The deed is the document that names the owner(s) of the property.
The mortgage is the instrument that pledges the property as security in case a loan (note) for the property is not repaid.
The mortgage that we get to buy or refinance a house is comprised a note and the pledge of security for that note.
Therefore the mortgagor (the bank) wants all people that own the property to pledge it as security for the note.
If you own a house with a mortgage and note on it, and then add someone to title (deed) you may have broken the terms of the mortgage and given the lender the right to foreclose. You have invoked the alienation clause in the mortgage contract which requires that the note be paid off prior to any transfer of title.
So, you would not have to be a co-borrower (i.e. on the note), but you would most likely have to be on the mortgage (pledging the property to secure the note) if you are listed on the deed as an owner of the property.
Wiki User
∙ 11y ago
To be on a deed without being a co-borrower, you can become a co-owner through other means, such as gifting or inheritance. However, being on the deed does not necessarily give you rights and obligations related to the mortgage or loan on the property. Being a co-borrower involves being held responsible for repayment of the loan, while being on the deed simply indicates your legal ownership of the property.
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What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
Is a will the same as a sale deed?
No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.No a will is not a deed. However, a probated will can transfer legal ownership of real property without the need of a deed.
In New Jersey can a cosigner be removed from the deed without signing the quitclaim deed form?
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
Can a subsequent deed be recorded against the estate without the Executors knowledge?
It wouldn't make any sense to do so. The executor is the only one with authority to deal with the real property. To file the deed without their knowledge would prevent the property from being resolved.
Can a deed to the family home be transferred to the executrix who is also a beneficiary without the signatures of all the beneficiaries?
The beneficiaries do not have the ability to transfer property. The executor can deed the property to whomever it is being sold or distributed to. The executor can also transfer the deed to the estate while determining disposition.
If a person is on the deed and mortgage of a property but does not live there can they legally enter the property without being invited?
Yes. Every grantee on a deed owns an undivided interest in the property. That means they each have the right to the use and possession of the property.
What does being on a deed mean?
"Being on the deed" means that you are the grantor or grantee in the deed. The grantor is the seller or the owner making a transfer of the property and the grantee is the purchaser or the one who is acquiring an interest in the property.
What is the deifnition of good deed?
A good deed - is the act of helping someone without benefitting from the act itself.
Is it illegal to do a deed transfer without a lawyer?
You can do a deed transfer without a lawyer but please be advised that once you have drafted the deed and recorded it you cannot take it back even if you made a serious error. Therefore, you should only do so if you are sure that you have drafted the new deed correctly.
Both husband and wife are on deed as joint owners. Can husband make a deed to a girlfriend without the wife knowing?
no
Can a person be forced to accept a deed to property?
No. If the deed is recorded in the land records without their knowledge, they can file a disclaimer in the same land records stating they never accepted delivery of the deed.No. If the deed is recorded in the land records without their knowledge, they can file a disclaimer in the same land records stating they never accepted delivery of the deed.No. If the deed is recorded in the land records without their knowledge, they can file a disclaimer in the same land records stating they never accepted delivery of the deed.No. If the deed is recorded in the land records without their knowledge, they can file a disclaimer in the same land records stating they never accepted delivery of the deed.
Can a Father gift a deed without wife or children knowledge?
No
