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If both spouses are listed on mortgage can one sign the debt over to the other?
Wiki User
∙ 15y ago
One party can sign an agreement to hold the other not responsible for the debt, for example, in a divorce agreement. However, the lender is under no obligation to honor that agreement. If the person who agrees to pay the mortgage defaults the lender can and will hold both parties equally responsible for the debt. The credit of both parties will be ruined and the bank may go after any assets owned by the "non-responsible-by-divorce-agreement" party.
The only way to become free of the mortgage obligation is to refinance in the one name who agreed to take over the debt and pay off the old mortgage.
Wiki User
∙ 15y ago
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Why are both spouses required to be on the property deed but not on the refinanced mortgage loan and who would be responsible upon the death of one spouse?
The deed to property and the wording of the deed establishes ownership. If a married couple does not reside in a community property state it is very important that both spouses be on the deed with the correct ownership status noted. In a case of death where only one spouse is listed on the financial agreement but both are named on the deed the probate laws apply. If the surviving spouse wishes to retain the property and he or she is not a co-buyer they will most likely be required to reaffirm the mortgage with the lender if the mortgage was not protected by insurance.
How do you get your name on husbands mortgage?
You have to apply for a mortgage jointly for both people to be listed on a mortgage. You can however have your name added to a title of a house with simple paperwork.
When refinancing mortgage do both spouses have to be on mortgage in TN?
If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.
Are both spouses responsible for the bills?
yes they are both responsible for jobs, and supporting each other
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
While separated can one spouse refinance a mortgage without the other as long as both their names are on the deed?
The original deed of trust contains the names of both husband and wife. This is a Joint Tenancy Deed ... no changes can be made without the consent of both parties, and that includes refinancing. One or the other spouses will need to "buy out" the other's interest and gain sole ownership before attempting this.
Can you refinance a mortgage in California with only one owner on the new mortgage if it is a legal same-sex marriage so both would now be legally owners?
The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.
Is a spouse in Missouri responsible for the other spouses debt?
The basic assumption is that yes, the spouse is jointly responsible. It is assumed that both spouses will benefit from the transactions.
Must a husband disclose his income and sign the mortgage if his wife is the one buying the house?
Generally, not if the property will be in the wife's name alone and her income is enough to qualify her as the sole borrower for the loan. Some lenders insist that both spouses sign the mortgage.
Can an adult child and parent be listed on a mortgage as borrowers?
Yes, as long as both qualify.Yes, as long as both qualify.Yes, as long as both qualify.Yes, as long as both qualify.
Does South Carolina make spouses responsible for the others debt in their name only?
In South Carolina, spouses are generally not responsible for debts that are solely in the other spouse's name. However, if the debt was incurred for household necessities or was jointly agreed upon, both spouses may be held liable. Consulting with a legal professional for guidance on your specific situation is recommended.
How do people get spouses and children?
For spouses, people are "assigned" to each other. For children, they are once again "assigned" to their children - 1 boy 1 girl. Both you have to apply for.
