You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
Unfortunately, if you've signed your rights away you are only removed from title and are still obligated to the mortgage. The only way to get out of the mortgage is for the person holding title to refi and have your name removed from the mortgage.
I am a mortgage broker and the answer to this question lies in the section of the mortgage document entitled: Joint and Several Liability. No you are not responsible for the note. The promissary note is the promise to pay. The mortgage clause will say that any Any borrower who co-signs the mortgage (security instrument) but does not execute the Note is co-signing only to mortgage, grant adn convey his/her interest in the property and is not personally obligated to pay the sums secured by the mortgage... this goes for the signer of the note extending or modifying the mortgage by perhaps getting a home equity line. You are not obligated financially. Are you on the title? That is the question. If you are on the title you own the home without any financial responsibility for the home and both of you on the Title must agree to sell the home, and one without the other cannot convey their interest in the property.
You have to apply for a mortgage jointly for both people to be listed on a mortgage. You can however have your name added to a title of a house with simple paperwork.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
The answer is who is on the mortgage or deed of trust contract not who has title to the property. All parties on the mortgage are equally obligated for the mortgage payments irrespective whether or not they are in title to the property. A mortgage or deed of trust is a contract and the parties thereto are bound by the terms of the contract.Another PerspectiveIn addition, The lender will foreclose if the mortgage isn't paid. You have not stated who signed the mortgage and that is important to your question. If the husband is paying the mortgage and is not on the title he is paying for property he doesn't own. If he signed the mortgage then his credit record is at risk if the mortgage isn't paid. This matter will need to be addressed at some point by a court, perhaps divorce court, since the owner has abandoned the premises. You need to consult with an attorney.
Unfortunately, if you've signed your rights away you are only removed from title and are still obligated to the mortgage. The only way to get out of the mortgage is for the person holding title to refi and have your name removed from the mortgage.
The name on a mortgage cannot be changed. A different person can become obligated on the mortgage if he guarantees it or the mortgage is refinanced.
I am a mortgage broker and the answer to this question lies in the section of the mortgage document entitled: Joint and Several Liability. No you are not responsible for the note. The promissary note is the promise to pay. The mortgage clause will say that any Any borrower who co-signs the mortgage (security instrument) but does not execute the Note is co-signing only to mortgage, grant adn convey his/her interest in the property and is not personally obligated to pay the sums secured by the mortgage... this goes for the signer of the note extending or modifying the mortgage by perhaps getting a home equity line. You are not obligated financially. Are you on the title? That is the question. If you are on the title you own the home without any financial responsibility for the home and both of you on the Title must agree to sell the home, and one without the other cannot convey their interest in the property.
You have to apply for a mortgage jointly for both people to be listed on a mortgage. You can however have your name added to a title of a house with simple paperwork.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Unless your partner adds your name to the title and then refinances, there is no way for you to get on the mortgage.
The answer is who is on the mortgage or deed of trust contract not who has title to the property. All parties on the mortgage are equally obligated for the mortgage payments irrespective whether or not they are in title to the property. A mortgage or deed of trust is a contract and the parties thereto are bound by the terms of the contract.Another PerspectiveIn addition, The lender will foreclose if the mortgage isn't paid. You have not stated who signed the mortgage and that is important to your question. If the husband is paying the mortgage and is not on the title he is paying for property he doesn't own. If he signed the mortgage then his credit record is at risk if the mortgage isn't paid. This matter will need to be addressed at some point by a court, perhaps divorce court, since the owner has abandoned the premises. You need to consult with an attorney.
If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.
If the mortgage was not taken out in both of your names, and your name was added after the mortgage closed and funded, yes, the lender may have cause to accelerate the loan and ask it to be paid off. The lender and the title agency asks for full disclosure as to who has interest into the property at the time the property is sold or taken a mortgage against. If your name was on the mortgage, and you signed the mortgage (perfected title) and the lender approved a new deed adding you to be simultaneously recorded with the mortgage, you are fine. If you are added after the fact, the terms of the loan may be subject to default.
In any state, the title to the unit (deed) is held as collateral for repayment of the mortgage. This means that the mortgage company can sell the property in order to recover the amount of the loan (foreclosure). Because your name is on the title, it's possible that you can negotiate a repayment plan that is acceptable to the mortgage company, in order to retain your name on the title. Once the lender is paid, then you can sell the property and enjoy the benefits of the proceeds.
No. In order to be the owner of real property you must be named as grantee on the deed. If your name is on the mortgage but not on the deed you have obligated yourself to pay for real property you do not own. If the primary borrower defaults the lender will go after you for full payment of the mortgage yet you do not own the property.
The mortgage would have to be refinanced to add your name to it.