0
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
What else can I help you with?
Does foreclouse affect the spouse credit who is not on the mortgage?
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
Who's credit is affected if the deceased person's mortgage is not paid off and the spouse was not a co-borrower?
Only the decedent's credit record will be affected if they were the only person who signed the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
Will a mortgage company typically allow one borrower if the property is titled in two names?
All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.
How do you remove spouse from mortgage if divorcing?
The only way to remove your spouse is by refinancing the mortgage. Your attorney may be able to assist you in negotiating with the bank.
Can a spouse take a home equity loan in one spouse's name?
A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.
Foreclosure - when is earliest point it can happen?
A foreclosure can happen according to the contract that you signed. It is usually only after 3 or 4 months of no payment that a bank or mortgage company will begin to think about foreclosure.
Is the spouse responsible for the car loan?
In general, if the spouse's name is on the car loan agreement, they are responsible for the loan. If the loan is in one spouse's name only, that spouse is solely responsible for the loan.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
Does the spouse have to sign the mortgage in PA-Hubby is the one on the mortgage but bank states wife has interest in property so she must sign. Does that mean she has to be a co-applicant?
Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.
If my wife has a house in her name, only, and she dies am I responsible for the mortgage?
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
