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

dlf · Joined: 02 Dec 2008 Posts: 1 2.22 Dollars($)

My Name is On Deed, But not Loan, am I responsible for past loans against my house?...My husband recently put my name on the Deed to our House. I was never on the loan papers. If he made a loan using our home as collateral prior to our marriage would I be responsible for payment of that note?

gmakerley · Posted: Tue Dec 02, 2008 11:41 am Post subject:

in a word, "no." however, in the event your husband neglected to make payments on any notes that constitute liens on the home, you'd be forced to make a decision at that time (hopefully jointly with your husband).

smithsussane · Posted: Tue Dec 02, 2008 8:17 pm Post subject:

Hi dlf!

Welcome to forums!

Your name is only on the property deed and not on the mortgage. In that case, you will not be liable for paying the mortgage dues. You have full ownership to the property and have similar rights which your husband has but you will never be responsible for the mortgage payments. In case if the property forecloses, your credit will not be affected in any way.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Wed Dec 03, 2008 10:11 am Post subject:

actually, dlf, if there were ever a legal action taken against the property (such as foreclosure, etc.), your name is going to be on it as an owner of the property. a foreclosure is a public record; public records are noted on credit reports. therefore, should one ever take place, it would end up on your credit report.

you'll never have to worry as long as payments continue to get paid on the mortgage.

Guest

my boyfriend and i bought a home together, his name is on the loan and both of our names are on the deed, we have since split, leaving the property in limbo, i want to keep the home, move back in, currently no one resides in the house, and take over payments, can he have me legally removed?

gmakerley · Posted: Tue Jan 13, 2009 9:28 am Post subject:

nicole, you are an owner of this property, according to what you wrote. therefore, you have full rights of possession - to live there. i would think that you'd want to at least maintain a business-like relationship with the ex-boyfriend, since he is also an owner.

hopefully, of course, you can afford to make payments on your mortgage on this home without difficulty; and at some point, you may be able to have him deed back to you his interest in the property (perhaps for a fee).

there are a few things we don't know about your purchase and the mortgage you may have, so i can't give you an all-inclusive answer. nevertheless, you have every right to occupy the property, but you need to keep in touch with him no matter what, until such time as you sell the home or change the ownership to yourself only.

Guest

my son will not make any more payments on his home He owes more than it is worth He want to let the bank have the home. also he is moving to virginia the house is in michigan ? I want to know what is my responsibly of the house payments

jameshogg · Posted: Fri Jan 16, 2009 11:10 pm Post subject:

Hi john,

If you are not on the mortgage note, then you will not be obliged to pay the debts neither will your credit be affected if the property goes into foreclosure. However, if your name is on the mortgage deed, then the lender will have all the right to ask you pay the mortgage debts. If you do not pay, then the lender may foreclose the property and your credit will be badly ruined.

Thanks

Guest

will i get the tax credit write off if my ame is only on the deed.

jerry · Posted: Mon Jan 26, 2009 1:41 am Post subject:

Hi saxbie,

As your name is only on the deed and not on the mortgage documents, I don't think you will get any kind of tax credit write off.

Thanks,

Jerry

Guest

hi.. I need help my exboyfriend and I bought a house 2gether. Im on the deed to the house but im not on the morge. Im getting letters from attorneys saying im Pro Se myself. I wrote a letter 2 both attorney and courts telling them i havent lived in the house 4 a couple of years and want nothing to do with the proprty. Why am i being asked 2 appear in court now. What are my rights. I live in another state no job raising my kids on the goverment...( trust me im not happy i want a job but cant find 1). So help me plz.. Ive tryed calling governt aid legal services and was told by them since i do not live in ohio they couldnt help me i need 2 pay 4 an attorney.. I left my old house after my exboyfriend family threaten 2 hurt my daughter and havent looked back since.

adonis · Posted: Mon Mar 23, 2009 11:59 pm Post subject:

Hi Guest,

As your name is not on the mortgage, you are not liable to pay it off. The lenders cannot sue you for the mortgage payments. If the lender forecloses the property, then your credit will not be affected. I can understand, it would be difficult for you to consult an attorney but it would be best if you could consult one. He could represent you and sort out the issue.

Guest

I bought a house, fell on hard times and my father paid off the mortgage. The deed is still in my name, I don't have to declare that I "sold" the home on my taxes correct?

savior70 · Posted: Sat Mar 28, 2009 6:10 am Post subject:

Hi

Did you sell the house the title to which was in your name? Well, if you have, then i believe you have to report that on your taxes. Any profit made from the sale would be taxable.

Guest

My Little brother name is on the deed of our house, but not on the Loan Mortage. My name is on the loan, since he has bad credit. I gave him a portion of the monthly payment, and he is the one who write the check to pay the monthly bill. Question is, can my brother legaly claim HALF the annual tax deduction? We do it this way to help him graduatly build his credit back up. Thank you very much for your answer in advance.
Tony S.

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