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If your name is only on the deed do you need to pay the mortgage?
Wiki User
∙ 14y ago
If the person who has an ownership interest in real property does not sign on or guarantee the note, then that person is not liable to pay the note. However, the lender could still foreclose on the property & the person could then lose his/her ownership of that property.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoNo, but you could lose the property if the lender forecloses.
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Your name is on the mortgage not on the deed. How do you get it off the mortgage?
It depends on why your name isn't on the deed. If it was a mistake, you need a lawyer to figure out the best way to get your name put onto a corrective deed. If your name is not on the deed because you obtained the property as a matter of law, then you may need to file a new deed to show you are the rightful owner, along with the papers that made you the rightful owner. Be sure to ask the lender what they were thinking when they accepted your promissory note and mortgage for a house that is not deeded to you.
What relief can the mortgagee receive if 2 names on the deed but only one signed the mortgage and the person not on the mortgage moved out and left the expense to the one whose name is on the mortgage?
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
I want to do a VA refinance on wife's fha mortgage in my name only but you I not on the deed or the original fha mortgage Lender says this isn't a refi Will it work if I am added to the Deed?
you can refi the mortgage without your wife. you do not have to ad yourself to the deed you can be placed on ded at the day of closing. VA will consider this a VA cashout mortgage, and will only go to 90% of the loan to value. Your name can be added at closing
If her name is on the mortgage but makes no payments can I change the locks?
If her name is on the deed you cannot change the locks. If her name is only on the mortgage you should consult with an attorney before locking her out.
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.
The mortgage is in your name but your name is not on the deed how do you get your name on the deed?
If you signed the mortgage and note then you promised to pay for property you do not own. By signing, you agreed to be fully responsible for paying the loan if the primary borrower, the owner, doesn't pay. The only way for you to get an ownership interest would be for the owner to convey an interest to you by a deed.
Can the Mortgage be in your name and deed be in both your names - not married?
A lender would require that all the owners of the property execute the mortgage. If only one person signs the mortgage and it is later foreclosed, the lender would only get that person't interest. Lender would want ALL the interest conveyed in the mortgage deed.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
I own a condo with my boyfriend. I am moving out of the state and my boyfriend will remain in the condo. Can I file a quit claim deed to get my name off the mortgage?
No. The mortgage will need to be paid off and refinanced to free you from the obligation. Do not convey your interest to your boyfriend until he has been approved for a refinancing and make certain your deed is part of that same transaction. You will want indisputable proof the mortgage will be paid off and a new mortgage recorded in your boyfriend's name only. Only then should you sign a deed. The matter should be handled by an attorney who can look after your legal rights.A mortgage is an iron-clad contract you signed with the bank promising to pay a considerable sum of money it loaned to you. There is no way you can "take your name off the mortgage". If you sign a deed now you will be responsible for paying a mortgage on land you do not own.
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
How can you transfer your mortgage to your mother who has less than perfect credit if both of your names are already on the deed?
You can't transfer the mortgage, but you can remortgage in her name only.
You are buying a home with your boyfriend but because your credit is good and his is not you will be the loan holder and he will be on the title how can you assure you are protected?
In order to perfect its interest in the mortgaged premises in case of foreclosure, the bank must have all the owners execute the mortgage. If your lender wants the mortgage to be only in your name then the title on the deed will also need to be only in your name. Your boyfriend's name will not be on the deed. The property will be in your name alone and you will be the person legally responsible for paying the loan.
