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What happens there is one person on the loan and two people on the Deed?
Wiki User
∙ 11y ago
Nothing happens unless that person on the loan does not pay or dies. A real estate attorney in your particular state should be contacted for legal advice. If one of the former occurrences happen, the one not on the mortgage may lose property rights. The lender for the property does not need to accept mortgage payment from the other party since the loan was not with them. Legal and mortgage rights are dependent upon the state. Consult with an attorney to ensure your continuity rights of ownership here.
Wiki User
∙ 11y ago
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What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
What happens when two people sign for a loan but only one is on the deed?
Whomever signs on the dotted line is responsible. So in this case, both people are responsible for the loan being paid regardless of who is on the deed. In fact, the deed can be transferred or deeded to someone else altogether, but the 2 individuals who took out the loan are still responsible to make sure payments are paid and who will ultimately be affected if payments are not paid. The property is only collateral for the loan.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
What happens if you cosign a loan and the other person dies?
yes
What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
What happens when two people sign for a loan but only one is on the deed?
Whomever signs on the dotted line is responsible. So in this case, both people are responsible for the loan being paid regardless of who is on the deed. In fact, the deed can be transferred or deeded to someone else altogether, but the 2 individuals who took out the loan are still responsible to make sure payments are paid and who will ultimately be affected if payments are not paid. The property is only collateral for the loan.
Your name is on the loan but not on the house deed what happens when you get divorced?
You still owe your part of the loan. Are you sure you are not listed on the deed? Check that out. You could possibly get part of the equity in the house if it is sold that could pay off your part of the loan. Go get a good lawyer. I had a bad one and didn't get the equity I deserved.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
What happens when one of two people die and the other can not repay a loan?
Usually when a person cannot repay a loan, the people from the bank will come and take something away from you... maybe your house of your furniture.. any belongings of yours that can make up for your loan.
What happens if you cosign a loan and the other person dies?
yes
What happens if someone has a loan default statement?
If someone has a loan default statement, it means that the person who took out the loan has not met the terms of the contract, for example they have not met the payments. If this happens then the person who gave out the loan and who the debt is loaned to can take action to recover the money, for example re-possession.
If two people become joint tenants on a house deed that they inheirit can one borrow against the deed without the other's consent?
No, one can't sell or borrow against the property without the other person signing off on the loan. You can choose to sell the property and split the costs.
If the deceased left his home to a certain person and her name is already on the deed does she just take over the loan?
my aunt left me property in her will, and now I would like to sell the property, but I don't have a clear deed. how do i get a clear deed to the property so that I can sell the property?
Is girlfriend responsible for mortgage if not on deed or loan?
No, of course not.
Can you deed a ride of way to someone if you have a loan on the property?
You must get the consent of the mortgagee in writing, preferably on the deed.
