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Yes. Often, a lender will try to get an additional co-signer to help insure the debt will be paid. When you co-sign a mortgage for property that belongs to another person you have agreed to pay the loan if the principal borrower defaults. You have no rights nor interest in the property unless your name is on the deed. You have simply volunteered to pay for property you do not own.

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13y ago
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13y ago

If you are married and have poor credit in your name, it may be that you can obtain a better rate without your being on the mortgage. However, it is a risky financial move, in my mind, for you to have title without having any of the responsibility for its payment.

Another Perspective

Most lenders who are paying attention will require that the party with the poor credit arrange to take their name off the title. They will not allow only one of two owners to sign the mortgage. That would create a defective title for the lender. In a title theory state if two people own property and only one signs the mortgage the lender cannot take possession of the property by foreclosure since only the interest of the signer was transferred to the lender. If the lender foreclosed it would only gain a half interest and the other owner, who didn't sign the mortgage, would own a half interest and have the right to the use and possession of the whole property.

Some owners grant the mortgage when the property is in a single name and then that party conveys the property to both parties subject to the mortgage. The bank may allow that transfer but it can also be risky since lenders must be notified of any changes in title and any transfers may trigger the "due on transfer" clause in the mortgage.

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15y ago

A bank would require that all the owners of the property sign the mortgage so that in the case of a default the bank can take full possession of the property through a foreclosure. If only one owner signs the mortgage the bank can only take that person's interest in the property.

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15y ago

Yes. You would be a volunteer. You would be guaranteeing that the loan will be paid. If the owner of the property stops making mortgage payments the bank will be able to go after you for the full payment of the mortgage, and it will. That would be the only reason for you to for sign the loan. If the mortgage goes into default your credit will be ruined. The question is, "Why would you do that?"

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11y ago

Yes.

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Q: Can a person be on the title of a house and not on the mortgage?
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Related questions

What does redeem your house mean?

If you are purchasing your house with a loan or mortgage then you do not actually own it, the title deeds are in the name of and held by the person or organization lending you the money. You can redeem your house by paying off this mortgage and thus gaining ownership of the deeds of title to the house.


What is a mortgage loan?

house documents are mortgage and title deed at register office


You want to remove one person name from your house title?

If the house has a mortgage then you have to refinance. If the house is all paid off then you can go to a lawyer and have the name removed from the deed.


Should your parents have you on the title of their house to avoid forced sale?

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.


What does a person do with a home that the other person refuses to pay mortgage?

First question; Why is this other person in your house? Is this YOUR house; that is, is your name on the title? Who is the other person, and is HIS name also on the title? If it's your house and the other guy is a friend or renter, you can have him evicted. If the other person has some right to live there - for example, if you are two siblings and your mother left the house to both of you, then you're going to need to try harder to get along.


If a person left a house in a will with a mortgage payment what happens with the mortgage?

The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.


What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?

You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.


How do you get your name on husbands mortgage?

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.


If you are moving into your partner's house how do you put your name on the mortgage?

Unless your partner adds your name to the title and then refinances, there is no way for you to get on the mortgage.


When adding a spouse to a title or deed only can that person claim the house on taxes or can only the mortgage holder do that?

One person at a time depending on the state. or both together on a joint return.


Can you get a second mortgage with only one signer?

You need to go and see a mortgage broker. However if there is already a mortgage on the house with two signatories, it is unlikely that you will be able to get a second mortgage without the agreement of the second signatory as it will affect their primary mortgage. It will also depend on the property deed. If the land is titled to a single person, that person can obtain a mortgage. Note that a spouse is considered to be on the title even if it isn't printed there in most jurisdictions.


Who owns the house when a foreclosure has been dismissed without prejudice?

The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.