Posted on: 16th Jun, 2009 04:46 pm
Hello, I was wondering if there are any financial advantages and future security with just being on a Deed versus being on the mortgage.
I know as a homeowner, it helps your financial future with credit, taxes, etc. - but does that only apply to someone who has a mortgage?
It seems to me that having your name on a deed doesn't do much financially for you (except of course in a sale or death, etc).
Thanks for the help!
I know as a homeowner, it helps your financial future with credit, taxes, etc. - but does that only apply to someone who has a mortgage?
It seems to me that having your name on a deed doesn't do much financially for you (except of course in a sale or death, etc).
Thanks for the help!
you cannot be a new homeowner unless you are "on a deed." that little phrase denotes ownership of the real estate, and that's the only way in which you can own it.
financially? well, i guess chicken little was right, and the sky has fallen so far that we'll never crawl out of this hole we're in. of course, if he was even a little bit wrong, we might one day see some light, and values might actually increase again (did someone say "cyclical"??). of course, that would provide a profit on the real estate. if that occurs, then i suppose you could call that doing something for you financially.
financially? well, i guess chicken little was right, and the sky has fallen so far that we'll never crawl out of this hole we're in. of course, if he was even a little bit wrong, we might one day see some light, and values might actually increase again (did someone say "cyclical"??). of course, that would provide a profit on the real estate. if that occurs, then i suppose you could call that doing something for you financially.
Well, I guess what I mean is... for future credit and financial stability. You know, when you're filling out forms they always say "rent or own" or with banks, lenders, etc.
If I'm on a deed, but not on the mortgage, it doesn't do anything for my credit, right? I mean, I'm pretty invisible as far as the world is concerned.
Can I use the fact that I'm on a deed to help me with a car loan, or to state on my taxes or anything else?
If I'm on a deed, but not on the mortgage, it doesn't do anything for my credit, right? I mean, I'm pretty invisible as far as the world is concerned.
Can I use the fact that I'm on a deed to help me with a car loan, or to state on my taxes or anything else?
Hi NewHomeowner,
Just being on the deed does not do anything for your credit. Being on the deed denotes your ownership rights to a particular piece of property. It does not speak of your crdit worthiness. You cannot get a car loan simply because you have the title to the property in your name. But at the same time, if you are not on the deed, you are unlikely ot get a loan against the property. Thus, if you want to establish a good credit history, being on the mortgage is as important as being on the deed.
Just being on the deed does not do anything for your credit. Being on the deed denotes your ownership rights to a particular piece of property. It does not speak of your crdit worthiness. You cannot get a car loan simply because you have the title to the property in your name. But at the same time, if you are not on the deed, you are unlikely ot get a loan against the property. Thus, if you want to establish a good credit history, being on the mortgage is as important as being on the deed.
both are differenent aspects. name on deed insures your right on property. for applying for a morgage, you should havve good credit score.
in terms of taxes, i presume that you are alluding to the opportunity to write off certain items, such as interest and real estate taxes, on your tax returns. as an owner, that's certainly a possibility. you didn't say, however, if this is property you own jointly with a spouse or another person. that would be critical in terms of tax deductions, as the actual payer of the interest and/or taxes is able to deduct those items.
I signed for a mortgage for my sister & brother because there interest rate went up at the last minute due to there credit history after making settlement on there existing. This left them between homes. The new house
they couldt afford with the new rates. I used my Excellent Credit Scores and was able to sign for them and purchase the home.
This was a temporary agreement until they were able to buy the house back from after fixing there Credit History and to financial have home in their own name, and would be financially out of the picture. But a few years have pasted and I want out! the problem is there are both on the Deed.
But will not sign a new deed. To note the mortgage is paid by them.
What rights do I have to get out of this deal???
they couldt afford with the new rates. I used my Excellent Credit Scores and was able to sign for them and purchase the home.
This was a temporary agreement until they were able to buy the house back from after fixing there Credit History and to financial have home in their own name, and would be financially out of the picture. But a few years have pasted and I want out! the problem is there are both on the Deed.
But will not sign a new deed. To note the mortgage is paid by them.
What rights do I have to get out of this deal???
you ought to seek legal advice here, naul.
when you signed that note, it was not a temporary situation. the signing of a note is a forever (until the loan is paid in full) deal. what arrangements you may have made with your family members has no bearing on the lender, so your obligation on that note remains clear. you'll have to work it out with them - either through negotiation on a familial level or with the assistance of counsel, or any other way you can.
as for "rights" - i don't know if they exist, other than the fact that you had a legal verbal contract. but to exercise your rights, i would have to believe that you're going to have to haul them into court, if all else fails.
when you signed that note, it was not a temporary situation. the signing of a note is a forever (until the loan is paid in full) deal. what arrangements you may have made with your family members has no bearing on the lender, so your obligation on that note remains clear. you'll have to work it out with them - either through negotiation on a familial level or with the assistance of counsel, or any other way you can.
as for "rights" - i don't know if they exist, other than the fact that you had a legal verbal contract. but to exercise your rights, i would have to believe that you're going to have to haul them into court, if all else fails.