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Is the home spouse responsible for half of the mortgage if his or her name is on the deed and mortgage?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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If my boyfriend is on the deed but not the mortgage what rights does he have to the house?
He owns an interest in the property but he is not responsible for paying for it. He got a great deal. If the property is sold he will be entitled to half the proceeds after the mortgage is paid off.
If your spouse is not on your credit card is she responsible?
Half and half.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
Your name is on the deed to a house but not on the loan are you entitled to half of equity?
Yes. If you are a joint fee owner and you didn't sign the mortgage then your half interest is free of the mortgage.
What options are there if spouse refuses to pay one half of mortgage payment?
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.
Do you have ownership rights to the house if you are listed on the deed but not on the mortgage?
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
Do you have claim to a house if your name is on deed but you are not married?
You have asked a complicated question. Many people execute a quitclaim deed to a partner or spouse after they have purchased and mortgaged their property. If that is the case, the original owner should notify the bank of the change in ownership and the bank may require the new co-owner to sign a consent to the mortgage. If the bank isn't notified, you acquired an interest in the property subject to the mortgage and the mortgagor has breached their mortgage agreement with the bank. The bank can demand immediate payment of the balance due on the mortgage and can take possession of the property if the mortgage isn't paid. Another possibility is that if the mortgage is paid on time and the bank does find out about the transfer to you and notify the mortgagor that they have breached the agreement then you own a half interest in the property. On the other hand, if two people own property by deed and only one granted a mortgage, the bank has only a half interest in the property. If the mortgage is foreclosed the bank will acquire only a half interest in the property.
If a spouse did not contribute to the upkeep or purchase of the property are they entitled to half of the property?
No, the house is in the name of the one spouse. Which is why you MUST make sure you put both names on a deed.
I signed a quit claim deed because I was on the deed but not the mortgage and now the person on the mortgage and deed isn't paying but the banks are coming after me?
There are several factors that must be reviewed. First, you must check to see if the deed whereby you transferred your interest was recorded in the land records. Next, was the deed recorded before the new owner executed a mortgage in their own name. If that is the case then you are not involved in the property or the mortgage and the lender must foreclose on the mortgage and take possession of the property.However, if the property was owned by two people and only one co-owner executed a mortgage of their half interest then the bank made a grave mistake. It only has a half interest in the property. In the case of a default it would only acquire a half interest by virtue of a foreclosure.If you executed a deed conveying your interest to the other co-owner after they executed the mortgage then the mortgagor owns a half interest that's not subject to the mortgage. However, as stated above, you need to make certain the deed of your half interest was recorded in the land records so that you are not still listed as a record owner.If you find that you are still listed as a half owner in the land records the only correspondence you should receive from the bank is notice that it is foreclosing on your co-owner's half interest in the property. You have no obligations under that mortgage if you didn't sign it. However, you should arrange to have that deed transferring your interest recorded so the bank can identify the owner of the property.If possible you should consult an attorney who can review the situation, check the land records and confirm that you have no obligations regarding the property.
What are the legal rights of an unmarried couple to a home when they are separate and both their names are on the deed but only one is the mortgage holder for the house?
The answer depends on the details that were not included and its a complicated situation. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage.If your name was on the deed as joint owner before the mortgage was granted and only the other owner signed that mortgage then the bank can only foreclose on the co-owner's half interest if the mortgage isn’t paid. Your half interest would be free of the 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 granted then your interest in the property is subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property. 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.If there is no issue with the mortgage being paid and if you acquired a half interest by a valid deed then you will be paid half of the net proceeds if the property is sold. You are also responsible for paying the property taxes.
If one spouse is sued is the other spouse responsible too?
I think that the other spouse is untitled to half of what the two had together, which includes the amount of money.
A mortgage is in the husband's name the deed is in the wife's maiden name along with the husband's. If the husband dies is the wife responsible for the mortgage that she did not sign?
She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.
