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If you are on a deed but not the mortgage are you responsible for the mortgage?
Wiki User
∙ 9y ago
I would wonder how the lender loaned money without the signature of all the owners. However, if the other joint owner granted a mortgage to a lender and hasn't paid the debt then the lender can foreclose on the interest of the borrower. They would then become the owner with you and may be able to force the sale of the property to get their money. That would be costly for the lender. Perhaps you could arrange a deal with the lender to rewrite the loan so you could pay it back.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoThe answer depends on when your name went on the deed. If your name was on the deed as joint owner before the mortgage was granted then the bank can only foreclose on the co-owner's half interest if you didn't sign the mortgage. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank.
If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage. That means if the sole owner of the property grants a mortgage and then transfers an interest in the property to another person, the bank can demand the full payment of the mortgage- immediately.
Many lenders during the sub-prime lending frenzy wrote mortgages without having all the owners sign. In that case the lender does not have full interest- only the interest of the person who signed the mortgage. Unscrupulous lenders are only interested in collecting the high fees and costs associated with the initial transaction. They aren't concerned with good title if the borrower defaults since the loans are sold soon after the transaction.
An attorney should always be consulted when making changes in the title to real estate. There are many lenders who break the rules in order to sell the loan.
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Is girlfriend responsible for mortgage if not on deed or loan?
No, of course not.
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.
If both names are on the mortgage and deed and you breakup who is responsible?
Both owners.
Who pays homeowner assoc. fees the mortgage holder or the deed holder?
The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.
When a spouse is borrowing money and the wife must sign the mortgage does her name have to be on the warranty deed?
Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.Of course. She should be fully informed of the consequences of signing the mortgage and not being on the deed. If the wife signs the purchase money mortgage then her name should also be on the deed. She should not sign to be responsible for a debt for property she doesn't own.
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.
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.
Who pays the taxes when there is both a deed and a deed of trust?
Generally, the fee owner of the property is responsible for paying the property taxes. That would be the grantee in the deed of conveyance. In this case the 'deed of trust' is assumed to be a mortgage.
Am I responsible for my father's mortgage if he is no longer on the deed?
If you father granted a mortgage prior to transferring the property to you then the mortgage must be paid. If you don't pay it then lender will take possession of the property.
Your husband is on title quit claim deed and mortgage is he responsible for paying mortgage?
Yes. He is the sole owner of the real estate and the sole owner of the debt.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
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.
