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Why are both spouses required to be on the property deed but not on the refinanced mortgage loan and who would be responsible upon the death of one spouse?
The deed to property and the wording of the deed establishes ownership. If a married couple does not reside in a community property state it is very important that both spouses be on the deed with the correct ownership status noted. In a case of death where only one spouse is listed on the financial agreement but both are named on the deed the probate laws apply. If the surviving spouse wishes to retain the property and he or she is not a co-buyer they will most likely be required to reaffirm the mortgage with the lender if the mortgage was not protected by insurance.
What else can I help you with?
Can a mortgage loan be required to be refinanced upon the death of the borrower in a community property state where there is a non-contributing spouse on the deed of trust?
Certainly.
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
Am I responsible to repay a cosigned mortgage upon default?
If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.
If you are on the title of a house and the mortgage holder dies are you responsible for the mortgage if you are not associated with the estate?
If you wish to keep the property you will likely be required to refinance it and take on the financial responsibility depending upon how the property is titled and the probate laws of the state in which the property is located.ClarificationIf the decedent "holds" the mortgage ( as a mortgagee) then the answer is yes. The mortgage is an encumbrance on your property and it must be paid according to the terms of the mortgage. The heirs of the mortgagee now own your debt. You will need to make payments to those heirs. If instead the decedent granted a mortgage to a lender when they were the owner of the property, and you acquired your interest after the mortgage was granted, that mortgage must be paid or the lender can take possession of the property by a foreclosure.
Is it required to remove the grantor in a quit claim deed from the mortgage loan?
If you already had one owner transfer their interest by a deed, they are still responsible for paying the mortgage. If you read through your mortgage documents you should review the Due on Transfer clause.If you want to change the ownership of the property the loan must be paid off and refinanced in the name of the new owner. If you transfer ownership without notifying the bank, it can demand payment in full immediately as soon as it discovers that transfer. Also, until the loan is refinanced in the name of the new sole owner all the parties who granted it will remain responsible for payment. You should consult with your lender if you want to make a change in ownership and the deed of transfer should always be drafted by a professional.If you already had one owner transfer their interest by a deed, they are still responsible for paying the mortgage. If you read through your mortgage documents you should review the Due on Transfer clause.If you want to change the ownership of the property the loan must be paid off and refinanced in the name of the new owner. If you transfer ownership without notifying the bank, it can demand payment in full immediately as soon as it discovers that transfer. Also, until the loan is refinanced in the name of the new sole owner all the parties who granted it will remain responsible for payment. You should consult with your lender if you want to make a change in ownership and the deed of transfer should always be drafted by a professional.If you already had one owner transfer their interest by a deed, they are still responsible for paying the mortgage. If you read through your mortgage documents you should review the Due on Transfer clause.If you want to change the ownership of the property the loan must be paid off and refinanced in the name of the new owner. If you transfer ownership without notifying the bank, it can demand payment in full immediately as soon as it discovers that transfer. Also, until the loan is refinanced in the name of the new sole owner all the parties who granted it will remain responsible for payment. You should consult with your lender if you want to make a change in ownership and the deed of transfer should always be drafted by a professional.If you already had one owner transfer their interest by a deed, they are still responsible for paying the mortgage. If you read through your mortgage documents you should review the Due on Transfer clause.If you want to change the ownership of the property the loan must be paid off and refinanced in the name of the new owner. If you transfer ownership without notifying the bank, it can demand payment in full immediately as soon as it discovers that transfer. Also, until the loan is refinanced in the name of the new sole owner all the parties who granted it will remain responsible for payment. You should consult with your lender if you want to make a change in ownership and the deed of transfer should always be drafted by a professional.
Can a co signer be relieved of responsibility on a home loan after a period of time?
Only with the OK of the lender.Once a mortgage has been signed it will remain in effect until it is paid. The bank required a co-signer in order to guarantee that mortgage would be paid if the primary borrower defaults on the payments. The co-signer remains responsible for the mortgage until it is paid off. In order to get your name off a mortgage you co-signed the mortgage would need to be paid off and refinanced in the sole name of the primary borrower.
My wife died and I signed the mortgage but the loan was in my wife's name. Am I responsible for the loan balance?
If you didn't sign the note then you are not responsible for paying the balance. If the loan isn't paid the bank can take possession of the property by foreclosure. That's why the bank required that you sign the mortgage even if you didn't sign the note. See related question link for more discussion of note and mortgage.
You divorced- signed a quit deed and still remained on the mortgage. What happens when the ex-spouse dies?
In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.
I am getting divorced and my husband is threatening to make me sell the house. What rights do I have to my home if my husband's name is on the title with mine however the mortgage is in my name alone?
You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.
Is homeowners hazard insurance required on all mortgage loans?
Yes, homeowners hazard insurance is typically required on all mortgage loans to protect the lender's investment in the property.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
Is probate needed when you inherit a home with a mortgage?
The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.
