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i would like too know the answer to this question too except im in California do the laws change
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What does it mean to be on the deed but not the mortgage, and how does this impact ownership and financial responsibility for a property?
Being on the deed but not the mortgage means you have ownership rights to the property but are not responsible for the mortgage payments. This arrangement can impact ownership by giving you legal rights to the property, but you are not financially responsible for the loan. However, if the mortgage is not paid, the lender can still foreclose on the property, affecting your ownership interest.
Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
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.
Does a mortgage property also have a deed?
Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.
Does a quit deed relieve you of financial responsibility on a mortgage?
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
Can you use property as collateral for a mortgage?
Yes, you can use property as collateral for a mortgage. This means that if you fail to repay the loan, the lender can take ownership of the property to recover their money.
What rights and responsibilities do I have as someone who is on the deed but not the mortgage of a property?
As a person on the deed but not the mortgage of a property, you have the right to ownership of the property and the responsibility to maintain it. However, you are not responsible for the mortgage payments unless specified in a separate agreement.
Does the bank need to know about a quit claim deed?
Yes. If the bank has a mortgage on the property there is a due on tranfer clause in the mortgage that the property owner signed That means the bank must be notified of any transfer of ownership and it can demand payment in full of the mortgage if any transfer is made. A quitclaim deed would be a transfer of ownership.
Does a spouse have to sign the mortgage in a non community state?
Yes, if the spouse has an ownership interest in the property.Yes, if the spouse has an ownership interest in the property.Yes, if the spouse has an ownership interest in the property.Yes, if the spouse has an ownership interest in the property.
Can a house be considered community property, if there is only one Name on the mortgage?
If you are married in a community property state, then yes, it is a community property. The mortgage is irrelevant - it is whose name on the deed that determines ownership.
How do I get a mortgage if I paid for the property in cash?
All you need to do is go to a mortgage lender (broker/bank/etc) and apply for a mortgage. It does not matter that there is not a current mortgage on the property. The ownership of the home will be listed on the title, and a Deed will have been recorded to show transfer of ownership. If you qualify for a mortgage, the lender will work with you from there! The best person to contact with regards to getting a mortgage will be an independent whole of market mortgage advisor - they will be able to get you a mortgage which will suit your needs.
How do I find property ownership?
The local court house will have the land and ownership files. You should be able to get the information there. If you need to verify property ownership quickly you can simply use a online database to pull property owner records and mortgage data
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
