None, other than it not becoming a part of the person's credit history. A deed gives the persons named the legal right to ownership. A mortgage obligates the signers for repayment of the loan amount.
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
That depends on whose name was on the deed when the mortgage was executed.
No. If you are on the mortgage you should also be on the deed.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
Yes, the husband can rent the house if he has the Mortgage in his name but the Deed of Trust is shared.
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
If there is still a mortgage on the home then the deeds will be with the mortgage provider and they will not allow you to change the deeds without paying off the mortgage first.
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.
No. In order to be the owner of real property you must be named as grantee on the deed. If your name is on the mortgage but not on the deed you have obligated yourself to pay for real property you do not own. If the primary borrower defaults the lender will go after you for full payment of the mortgage yet you do not own the property.
Removing a name from a deed is fairly easy. However, if they are also on a mortgage on that property, it may not be allowed.
You cannot take your husband's name off the mortgage. You must refinance in your own name and pay off the prior mortgage. You should have a deed drafted by an attorney.