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.
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/
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.
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.
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
yes
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/
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.
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.
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.
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
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.
yes
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.
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.
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?
No, of course not.
You must get the consent of the mortgagee in writing, preferably on the deed.