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

Author: Jessica Bennet
Community Mentor
Ask Jessica
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.
Posted on: 02nd Dec, 2008 09:06 am
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?
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).
Posted on: 02nd Dec, 2008 10:41 am
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
Posted on: 02nd Dec, 2008 07:17 pm
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.
Posted on: 03rd Dec, 2008 09:11 am
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?
Posted on: 13th Jan, 2009 05:57 am
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.
Posted on: 13th Jan, 2009 08:28 am
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
Posted on: 16th Jan, 2009 04:00 pm
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
Posted on: 16th Jan, 2009 10:10 pm
will i get the tax credit write off if my ame is only on the deed.
Posted on: 24th Jan, 2009 02:48 pm
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
Posted on: 26th Jan, 2009 12:41 am
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.
Posted on: 23rd Mar, 2009 02:22 pm
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.
Posted on: 23rd Mar, 2009 11:59 pm
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?
Posted on: 27th Mar, 2009 08:11 am
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.
Posted on: 28th Mar, 2009 06:10 am
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.
Posted on: 13th May, 2009 06:38 am
Hi

As you're the one on the mortgage, you can claim the deductions on your annual tax return. But since your brother is not on the mortgage he isn't responsible for the repayment of the loan. So, though he's been making the mortgage payments he'll not be able to claim the tax deductions.
Posted on: 14th May, 2009 05:12 am
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