0
No, of course not.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
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 person quitclaimed to the deed responsible for the loan?
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.
What does it mean to sign off on Dower Interest?
I signed a dower interest in taking a second mortgage on my home, though I am not on the loan papers or my mortgage deed, Am I responsible and in what way
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.
What is a mortgage loan?
house documents are mortgage and title deed at register office
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.
Is the home spouse responsible for half of the mortgage if his or her name is on the deed and mortgage?
Actually, when both parties sign the mortgage they are each responsible to the bank for the full amount of the loan. Between themselves, they can make any type of arrangement regarding who is responsible for what amount. However, If one party refuses to pay, leaves or dies, the other party will be held responsible for the full amount of the loan.
The mortgage is in your name but your name is not on the deed how do you get your name on the deed?
If you signed the mortgage and note then you promised to pay for property you do not own. By signing, you agreed to be fully responsible for paying the loan if the primary borrower, the owner, doesn't pay. The only way for you to get an ownership interest would be for the owner to convey an interest to you by a deed.
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
How can I terminate my ex-partner's obligation on a mortgage loan without removing him from the mortgage loan as I won't be approved for a refinance if I have sole responsibility for the loan?
No you can not. The best you can do is take him off the deed by having him sign a quick claim deed. You will need to qualify for a refinance to get him off the loan.
I am acquiring a 30 year FHA Non-occupying co-borrowers mortgage loan with a family member. However in 2 years I would like to remove my Dad and add my wife to the deed. What are the downfalls?
A lot of people add and remove people from the deed to their property, without any trouble.... but if you change title the mortgage company CAN accelerate your mortgage (make it become due & payable) if they find out. If you remove your dad from the Mortgage or Loan and add your wife she will have to qualify for the mortgage with you. You will have to do a refinance with your current lender (or another lender) you will have to have a new appraisal & credit docs to prove you qualify. If you do a "Quit Claim Deed" or "Gift Deed" adding your wife and removing your dad. He will still be responsible for the mortgage until he is removed from the loan and she will not receive the credit for the mortgage payments on her credit report until she is on the loan.
How can you put a relative on the mortgage without also having them on the deed?
You do need to check with an attorney, but there is probably no reason why you can't. Ownership of the property is established by the deed; you own it whether you owe a million dollars on the mortgage loan, or you own it outright. The mortgage loan is different.
