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Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
Wiki User
∙ 11y ago
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
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If your name is not on the deed but is on the mortgage what are your property rights?
If your name is not on the deed but you still signed the mortgage that didn't give you any property rights. You volunteered to pay the mortgage even though you don't own the land. If the primary mortgagee doesn't pay (the land owner) the bank will go after you for payment. If there is a foreclosure and there remains a deficiency between the sale at the foreclosure and the amount owed on the note, the bank may go after you for payment. People who don't have a fee interest in the real estate should not sign mortgages.
Can a second mortgage foreclose without letting the first mortgage know?
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
Is the deed holder responsible for Homeowner Association fees if they are asked to leave by the homeowner?
Typically, the deed holder is responsible for paying Homeowner Association (HOA) fees, regardless of whether they are asked to leave by the homeowner or not. The responsibility for HOA fees is tied to the ownership of the property, not the occupancy status. So, even if the homeowner asks the deed holder to leave, they will still typically be responsible for paying any outstanding or future HOA fees until the deed is transferred to another owner. It is important to review the specific HOA rules and regulations and consult with legal professionals for accurate and personalized advice.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
What if 2 people are on a mortgage and one moves out of the home in North Carolina?
The names on a mortgage are not what decides ownership, the deed to the house is the determining factor. Married couples generally own a house by Joint Tenancy With Surviviorship Rights, Joint Tenancy or in a few states Tenancy By The Entirety. Even if one spouse leaves the residence he/she does not lose their rights of ownership.
Do both borrowers of mortgage have to be on the land deed?
Your question needs to be turned around. A person who has no ownership interest in the property should NOT sign a mortgage. When you sign a mortgage you agree to be responsible for paying the debt. If the homeowner defaults on the mortgage the lender will go after you to pay the debt if you signed the mortgage, even if you don't owe the property. It is not a wise decision to offer to pay for something you don't own.
A trailer has been abandoned on your property it has a mortgage holder on it Can you charge the mortgage holder the rent that is past due and the rent until they move the trailer off your property?
No, the mortgagee only has a security interest not an ownership interest, at least until it forecloses. You can certainly record a lien on the trailer, regardless of who ends up owning it, and you might even have it seized in anticipation of payment for the rent.
How do you transfer the deed to your house?
You have a new deed drafted by an attorney. You would be the grantor and the person(s) you want to transfer ownership to would be the grantees. Then you record the new deed in the land records office. You would do this even if you want to transfer ownership to yourself and another person.
If a person who owns a condo with no liens wants to add you to the deed as a co owner and isn't asking for money from you can they simply add your name with a quitclaim deed in Florida?
No, because there is a lien against the property, any change of title would be construed as an attempt to avoid the lien holder taking any action.Under the law this is considered a "fraudulent conveyance" and even if it was implemented the title change would be deemed invalid by a court.
If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
Your parents died and left you property your name is on the deed but not on the mortgage is that a problem?
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
Can a mortgage be acquired in a community property state with only one spouse name on the deed.?
Yes, but there are implications when doing so. If the property was acquired after the marriage both parties will be owners, even if only one party holds the mortgage. There may be issues of ownership if a loan is taken out using both names for property held before the marriage. It is possible that the land may be considered mutually owned because both parties were required to hold ownership.
