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Can a mortgage foreclosed if owner dies and the deed is not in the co signer name?
Wiki User
∙ 12y ago
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.
The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.
The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.
The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.
The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.
The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
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Is it necessary for a mortgage co-signer to also be a co-owner on the deed?
The lender requires that anyone whose name is on the deed also sign the loan and mortgage papers, but a co-signer does not necessarily have to be an owner on the deed. If you do not own the property you must ask yourself who you would promise to pay a mortgage on land you do not own. Keep in mind that if the owner of the property doesn't pay the mortgage you will be held responsible for paying it even though you don't own the property. You need to ask yourself if you want to be in that precarious position. If the owner defaults your credit will be ruined as well.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
Can a cosigner of a mortgage who is not on the deed legally become the primary owner without notifying the primary owner?
The only way to become the owner of real property is by deed or by inheritance. A person cannot make themselves the owner. They must acquire ownership via a deed from the legal owner. If you co-signed a mortgage for land you do not own then you are simply a volunteer who agreed to pay the mortgage on land you do not own. That doesn't give you any ownership interest in the property. If you are a co-owner of the property who also co-signed a mortgage, you cannot make yourself the "primary" owner of the property. You would need a deed from the other co-owner.
If you are on a promissary note but not on the deed do you sign the mortgage?
If you are not on the deed then you don't own the property. If you don't own the property then you should not promise to pay the mortgage. A co-signer on a mortgage and promissory note is completely responsible for paying the mortgage. If the primary mortgagor (who in this case is the owner of the property) defaults on the mortgage the lender will go after the co-signer of the note for payment. A default will ruin your credit. If someone has asked you to sign their note and mortgage then you should require they execute a new deed with you as the co-owner of the property.
Is it necessary for a mortgage co-signer to also be a co-owner on the deed?
The lender requires that anyone whose name is on the deed also sign the loan and mortgage papers, but a co-signer does not necessarily have to be an owner on the deed. If you do not own the property you must ask yourself who you would promise to pay a mortgage on land you do not own. Keep in mind that if the owner of the property doesn't pay the mortgage you will be held responsible for paying it even though you don't own the property. You need to ask yourself if you want to be in that precarious position. If the owner defaults your credit will be ruined as well.
Will your spouse's credit score be affected if your individually owned property is foreclosed spouse's name is not on the deed?
Your spouse's credit score should not be affected if he/she is not on the deed or on the mortgage that was foreclosed.
In real estate what is the difference between a name being on a deed versus a name being on a mortgage?
The name on the deed is the owner of the property. The name on the mortgage is the person who must pay the debt underlying the mortgage. Prior to the recent lowering of mortgage standards across the country (leading to the sub-prime crisis), the lender would always confirm that ALL the owners on the deed also executed the mortgage. If the mortgage is subsequently foreclosed that enables the lender to take title to the property. If only one co-owner signed the mortgage the lender would only get that proportionate interest in a foreclosure. If you don't own the property and you sign the mortgage you are placing yourself in a position of debt for property you don't own. Many lenders are asking non-fee-owners to co-sign notes. That way if the owner goes into default the lender can go after the co-signer for payment. It is a very bad practice with no benefit to the non-owning co-signer.
Can a house be foreclosed on if one name is on the mortgage and someone else s name is on the deed to the land or parcel?
That depends on whose name was on the deed when the mortgage was executed.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
Who owns the house the owner or co signer?
Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.
Can supplementary deed supersede trust deed?
The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.
Is there a way to remove a co-signer from a mortgage without refinancing by using a quitclaim deed?
No.No.No.No.
Is a quitclaim deed the same as a mortgage deed?
No. A quitclaim deed transfers the property to a new owner permanently. A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
If you are a co-owner of real property did not sign the mortgage and it's foreclosed can you be held responsible for a deficiency judgment?
If you did not sign the mortgage then you have no obligations relating to it. You are not responsible for any deficiency. If you owned the property at the time the mortgage was executed by a co-owner, the lender cannot foreclose on your interest at all. If you received your interest by deed after the mortgage was executed the lender can take possession of the property and you will be dispossessed of your interest.
