Legal mortgage

DustiRose · Joined: 13 Nov 2007 Posts: 1 1.31 Dollars($)

Can anyone tell me if two people are on a mortgage loan, and the loan states "Donald Smith "or" Mary Smith instead of "and" does that mean that Mary Smith has no legal claim to the property if Donald wishes to sell the property?

kpatrick · Posted: Tue Nov 13, 2007 4:20 pm Post subject:

Hi Dustirose,

Actually it is the deed that dictates who owns the property...the mortgae not just states who has to PAY for the home. (:

So check out the names on the deed...generally if you are on the mortgage, you are on the deed. And if both names are on the deed, then one cannot refinance or sell without the agreement of the other party.

Hope this helps!

larry · Joined: 27 Jun 2007 Posts: 3321 472.39 Dollars($)

Hi Dustirose,

Welcome to this forum.

I think Kim is right. If the mortgage is on both of your names then both of you should be on the deed also. And in that case, none can sell the property without other owner’s consent.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Dustirose,

The ownership rights are determined by the deed. If you are on the title, then you may legally claim the property.

But if you are only a co-signor on the mortgage note, then you are legally responsible for the loan, if the primary borrower defaults and not entitled to the property. A co-signor may or may not be on the title.

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