State laws govern the way real property is titled. When it concerns unmarried persons the propety is titled either Joint Tenancy or Tenants In Common. Joint Tenancy means the parties own equal and undivided interest and both have to agree on any sale or title transfer. Tenancy In Common generally will allow one party to sell their interest w/o the consent of the other owner(s). Concerning private residences, this is rather pointless. It is unlikely that anyone would care to buy half of a house. Usually one of the involved person's buys out the other person's interest.
My wife and l bought a condo and it is in both our names but the loan is only in my name We just bought a house but the mortgage loan is only on my name. The title and deed is is both our names.
What happens if the mortgage and deed are in two names and one claims banckrupcy
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
Not without refinancing the existing loan and changing the names on the title to the property..
Absolutely. Anyone can be named on a deed.
My wife and l bought a condo and it is in both our names but the loan is only in my name We just bought a house but the mortgage loan is only on my name. The title and deed is is both our names.
A lender would require that all the owners of the property execute the mortgage. If only one person signs the mortgage and it is later foreclosed, the lender would only get that person't interest. Lender would want ALL the interest conveyed in the mortgage deed.
What happens if the mortgage and deed are in two names and one claims banckrupcy
The two people can sign a quit claim deed and record it, effectively putting the deed in the third person's name only. HOWEVER, if there is still a mortgage on the property then the lender has to agree to this. If the couple co-signed for the home, this may not work until the third person can afford to refinance alone.
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.
Her mortgage liability will be discharged.
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.
Yes.
Jointly
Not without refinancing the existing loan and changing the names on the title to the property..