My name is on Deed, but not on Loan, am I responsible for past loans against my house?

Jessica
Author:
Community Mentor
Rate This Article:
(Rated 4.8 by 5013 viewers)



Sometimes it may be the case that your name is on the property deed but not on the mortgage loan. In such situation, one pertinent question that may come to your mind is that, “Am I responsible for the mortgage dues?” The answer is no. You are not at all responsible for paying the mortgage dues, though you have ownership rights in the property.

But in the event of any legal action taken against the property such as foreclosure, responsibility will lie on you too, since you are an owner. In case of foreclosure of the property, your credit position will be negatively hit.


Last updated on May 1, 2014

Latest Community Discussions
[b:47cede19b1]Gucci håndvesker[/b:47cede19b1] | [b:47cede19b1]posted on 2014-09-23 06:37:21
[b:7dff087f8b]nfl jerseys cheap[/b:7dff087f8b] [b:7dff087f8b]posted on 2014-09-23 06:37:02
[b:3b4ef935fb]Tag Heuer klokker[/b:3b4ef935fb] [b:3b4ef935fb]posted on 2014-09-23 06:36:50





Ask question to Author
Subject
Image Verification


Can't read the image? click here to refresh
Message body
Author Message
Mini Profile  dlf




Joined: 02 Dec 2008
Posts: 1

7.08 Dollars($)
Post     Post subject: My Name is On Deed, But not Loan, am I responsible for past

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?
Mini Profile  gmakerley

gmakerley
Community Mentor
Community Mentor

Joined: 09 Nov 2007
Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post     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).
_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
Posts: 12593
Location: Alaska
1309.02 Dollars($)
Post     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
Mini Profile  gmakerley

gmakerley
Community Mentor
Community Mentor

Joined: 09 Nov 2007
Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post     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.

_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Nicole


Guest




Post     Post subject: name on deed not on mortgage

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?
Mini Profile  gmakerley

gmakerley
Community Mentor
Community Mentor

Joined: 09 Nov 2007
Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post     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.

_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
john bommarito


Guest




Post     Post subject: name on sons home (deed only)

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
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12160
Location: Nevada
1221.50 Dollars($)
Post     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
saxbie


Guest




Post     Post subject: deed

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

jerry
Moderator

Joined: 17 Oct 2005
Posts: 3249
Location: MICHIGAN
510.68 Dollars($)
Post     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
Helpme!!


Guest




Post     Post subject: i bought a house with my exboyfriend and its being forclosed

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.
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
Posts: 12179
Location: ALASKA
1313.94 Dollars($)
Post     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.

_________________
Procrastination is the enemy of your financial success
Lorenlee


Guest




Post     Post subject: Question

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?
Mini Profile  savior70




Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.85 Dollars($)
Post     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.
Tony Shaver


Guest




Post     Post subject: Name on Deed, but not on Loan Mortgate. TAX Credit?

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.
1, 2, 3, ... 16, 17, 18  Next  
Page 1 of 18

 

Page loaded in 0.646 seconds.