What does it mean to have your name on the deed but not the mortgage?

What does it mean to have your name on the deed but not the mortgage?

If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It’s the deed that passes real estate ownership from one entity to another.

Can a former spouse get a foreclosure notice on Your House?

You’re surprised to learn that your name appears on a foreclosure notice on a home you used to own with a former spouse. Your ex received title to the home in your divorce and you have no liability for the mortgage. How did this happen?

How can I remove my husband’s name from my property?

You will have to complete a blank deed to remove the deceased husbands’ name and replace it with the names of the heirs as listed on the stamped documents received from the court. The heirs will co-own the property with the widow, so do not remove her name. The widow and all of the heirs must sign and notarize the new deed.

What happens if you put your spouse on the deed?

For most couples, this isn’t an issue, but it is important to note that by putting your spouse on the deed you are giving up partial control of the property. This is part of vesting of the property, and your spouse now has a vested interest. When you’re just married, neither person wants to think about losing their spouse.

Can a former homeowner be named in a foreclosure?

Former homeowners can be named in a foreclosure after they’ve deeded their interest to the property to someone else. For example, if John assumes the mortgage loan taken out by Bob and John doesn’t make payments, the foreclosure documents will include Bob’s name as the original borrower of record on the mortgage being foreclosed.

For most couples, this isn’t an issue, but it is important to note that by putting your spouse on the deed you are giving up partial control of the property. This is part of vesting of the property, and your spouse now has a vested interest. When you’re just married, neither person wants to think about losing their spouse.

What happens if your spouse buys a house in Your Name?

The lender requires that both owners’ names go on the title when they used both of their financial qualifications to acquire the loan. If your spouse purchased a home with a loan in her name only, the home is considered community property unless you relinquish your rights to the property.

Can a bank foreclose on your house if your spouse dies?

(Learn more mortgage assumptions and due on sale clauses in our article Avoiding Foreclosure: Can Someone Else Assume (Take Over) the Mortgage?) As of April 19, 2018, federal law requires servicers to communicate with and provide protections to family members who inherit the home if the borrower dies.

How can I Grant my Spouse Title to my home?

Quitclaim Deed The easiest way to grant your spouse title to your home is via a quitclaim deed (Californians generally use an interspousal grant deed). With a quitclaim deed, you can name your spouse as the property’s joint owner. The quitclaim deed must include the property’s description, including its boundary lines.