My Name is On Deed, But not Loan, am I responsible for past loans against my house?

jenkin7 · Posted: Fri Aug 07, 2009 2:17 am Post subject:

Hi db,

Your father quitclaimed the house to you, while the mortgage was still in his name, right? In that case, the transfer does not seem to be valid, unless he informed the lender. The only way to protect the house from a possible foreclosure is through refinance. Your quitclaiming the property to someone else will not stall the foreclosure procedure. If you refinance the house in your name and start paying off the mortgage, you can save it from foreclosure.

Hi allisonp,

Since you are only on the title, and not on the loan, you are not responsible for the mortgage payments. Though your name will appear on the foreclosure paper, your credit will not be affected by the foreclosure. If your boyfriend has been approved for a short sale, the lender would not have started the foreclosure. I think the short sale offer has been rejected, which is why the house is in foreclosure now.

Hi Elio,

If the mortgage loan is not in your name, you are not liable to pay for it. In case you cannot afford the mortgage payments, you can request for a loan modification. But as your name is not on the loan, the lender may not work with you to modify the loan. Is it possible for you to refinance the loan into lower interest rate? This way, you can reduce the monthly payments and take over the responsibility of the loan.

Guest

My Boyfriend and I bought a home in Virginia a year ago both names are on the deed but only my name is on the mortgage since his credit was not the best. He has walked out and I am trying to manage the morgtgage payment on my own. Do I have any recourse?

jenkin7 · Posted: Wed Aug 19, 2009 2:07 am Post subject:

Hi BBG,

Since your name is on the mortgage, you are legally responsible to repay the loan. If you are finding it difficult to stay current on the loan, you can request your lender to do a loan modification. If you qualify for the modification, the lender will reduce the monthly payment by either reducing the interest rate or extending the term of the loan. Talk to the loss mitigation dept. of your mortgage company and check out if you qualify for a modification.

Guest

my mom lives with me in my home. i am on the deed but not on the mortgage loan? if the home goes into foreclosure, am i responsible to make pmts ?

Guest

my mom lives with me in my home. i am on the deed but not on the mortgage loan? if the home goes into foreclosure, am i responsible to make pmts ?

Guest

My husband bought the house while we were engaged. He secured financing in his name only but we added my name to the title. He passed away recently and the house has been vested to me, but I would rather walk away from it as he died in the residence. Can the loan company sue me for forclosure? Can I just release my name from the deed?

gmakerley · Posted: Thu Sep 03, 2009 7:04 am Post subject:

you can certainly walk away, but you, as an owner, will be named in any foreclosure suit that is brought by the lender. no, you are not obligated to make payments according to the loan note, but in order for the lender to take possession of the property you must be a defendant in the foreclosure action.

if there's a way in which you could be released from the deed, i don't know about it. inasmuch as you are now the sole owner of the property, "releasing" you would mean that, for all intents and purposes, there is no owner.

i suggest you contact the lender and discuss this with them. perhaps you can work this out in an amicable fashion that will eliminate the need for them to take legal steps to enforce their loan note. that would, we'd hope, work out best for all involved.

simonhovell · Joined: 03 Sep 2009 Posts: 36 -0.12 Dollars($)

you did not tell about equity that you may be having in the house. if you walk away, you will lost everything.

gmakerley · Posted: Thu Sep 03, 2009 8:56 am Post subject:

i don't believe that's an issue here, simon...please reread b thompson's original post above - she's in distress and clearly doesn't care about living in the home, regardless of the equity situation.

Guest

How do I find out if I'm on the deed? I am not on the loan.

gmakerley · Posted: Fri Sep 18, 2009 11:28 am Post subject:

denise, i'm surprised you don't know if you own a home. you can easily check with the town clerk, city clerk, county clerk (whatever is applicable) to ascertain how the property is titled. tax assessor's records would also reflect all owners - in fact, that might be the best place to start.

Guest

My mother and I purchased a home together with my name and her name on the loan. We have refinanced several times with the last time resulting in her name only being on the loan. My name is still on the deed. I want to move... is there any liability on my part???

gmakerley · Posted: Sun Oct 25, 2009 7:54 pm Post subject:

as an owner of the home, you have some responsibilities, yes. however, if you are no longer a borrower, you have no legal mortgage responsibility. what you do is between the two of you, of course. if you're moving away and plan on doing things on your own, such as buying a new home, that's undoubtedly not going to stand in your way.

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