Posted on: 02nd Dec, 2008 09:06am
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.
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.
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?
Welcome annalisa,
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. Your boyfriend won't be able to ask you to leave the property. Even if he forces you to do so, you can take legal actions against him.
If your name is mentioned on the property deed, then you will be considered as one of the owners of the property. Your boyfriend won't be able to ask you to leave the property. Even if he forces you to do so, you can take legal actions against him.
My ex-husband sign a paper in court that he will be fully responsible for the house In the eyes of the court I sold the house to him for a dollar although I was a co-signer . He let the house go into forecloser has not paid the morgage since Aug 2010 . It has been report on my credit .I have not lived in the house for 4 years what advise can you give ..desperate !
Hi SYS!
Welcome to forums!
You should have asked your husband to refinance the mortgage when you transferred the property to him. This would have saved you. However, as your name was mentioned as the co-signer for the mortgage, the foreclosure will have a negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should have asked your husband to refinance the mortgage when you transferred the property to him. This would have saved you. However, as your name was mentioned as the co-signer for the mortgage, the foreclosure will have a negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane
my house is in final stages of foreclosure from the bank and i am not on the mortgage my father is and has passed away. I have a Repersentatives Deed in my name. The bank has stated in Foclosure papers there is a sale date and at that that when the house is sold a lein will be put on me. My question is if nobody purchases the home at Auction will I have to move out of the home?
Hi Lorie!
Welcome to forums!
The lien cannot be forcefully put on your name unless you refinance or assume the mortgage. If nobody purchases the home at the auction, then you may not have to leave the property.
Sussane
Welcome to forums!
The lien cannot be forcefully put on your name unless you refinance or assume the mortgage. If nobody purchases the home at the auction, then you may not have to leave the property.
Sussane
My husband and i are divorced we bought a house together he did not want the house so he quick claimed me the house i went through a loan modification was accepted but his name is still on the house. The bank wants me to pay to get him off the house. they want $400.00-$900. which i do not have. Are there any consequences for not paying? Does he have any claim to the house still?
Hi mildred,
If the property deed still mentions your husband's name on it, then he will be considered as one of the owners of the property and will be able to claim the house.
Thanks
If the property deed still mentions your husband's name on it, then he will be considered as one of the owners of the property and will be able to claim the house.
Thanks
I have a friend in Napa Ca. who is on the deed with her estranged husband yet the loan is in his name. The bank Chase has accepted an offer on a short sale, and the realtor is claiming she must move in 10 days! She has lived there for 14 years! Can they kick her out?
hi jim!
welcome to forums!
after the short sale is over, the lender can send her an eviction notice and ask her to leave the property. after the sale, the property will belong to the new owner and the new owner will refinance the mortgage in his/her name.
feel free to ask if you've further queries.
sussane
welcome to forums!
after the short sale is over, the lender can send her an eviction notice and ask her to leave the property. after the sale, the property will belong to the new owner and the new owner will refinance the mortgage in his/her name.
feel free to ask if you've further queries.
sussane
Can my SO take the house from me if we were to split or do I have legal ownership of the property/
Hi Sally,
If your name is on the deed, then you will be able to claim ownership in that property. If the property is sold off, then you will be able to claim a portion of the sale price.
Thanks
If your name is on the deed, then you will be able to claim ownership in that property. If the property is sold off, then you will be able to claim a portion of the sale price.
Thanks
Thanks for the info James!!
You're welcome, Sally!! :)
My name and my husband's name is on the deed to our home. His name is the only name on the mortgage. We would like to sell our existing home and purchase a new home of greater value. My question is 'Can I withdraw money from my traditional IRA, without incurring penalties, since this is my first home purchase' or am I not considered a first-time home buyer b/c my name is currently on a deed? Thank you.
Hi DMC!
Welcome to forums!
As your name is already mentioned on a property deed, you won't be considered as a first time home buyer when you apply for another loan and property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is already mentioned on a property deed, you won't be considered as a first time home buyer when you apply for another loan and property.
Feel free to ask if you've further queries.
Sussane