What happens if your name is on a mortgage but not the deed?

What happens if your name is on a mortgage but not the deed?

In situations where your name is on the mortgage and not the deed, you may not even live at the property. This might occur after a divorce, for example, before the loan is refinanced in only the other person’s name. Even though the other mortgage holder might pay the bill each month, you are still legally obligated to repay the debt.

What does a mortgage note deed and title mean?

Mortgage, Note, Deed & Title. A title is the bundle of legally recognizable rights the owner has in real property. In a word, the title is the ownership of the property. A clear title means the title is free of any encumbrances or claims on the property. A title with more than one owner is called concurrent ownership.

What do you need to know about deed and title?

A deed must contain specific formalities, including the legal description of the property, and must be executed (signed in front of a notary public in most states), and delivered to the grantee. A title is the bundle of legally recognizable rights the owner has in real property. In a word, the title is the ownership of the property.

Can a defective deed convey title to the grantee?

A defective deed does not convey the title to the grantee. Your complex question includes several terms that need to be defined, before I can address the issues your questions raise. A mortgage consists of two documents: a note (or bond); and the mortgage itself.

What happens if my name is on the note but not the deed?

This is typically the case for a mortgage borrower whose name is on the note but not on the deed. Definitions The note on a home differs from the property deed. Mortgage lenders require borrowers to sign an “I owe you” known as the promissory note for the loan balance.

Mortgage, Note, Deed & Title. A title is the bundle of legally recognizable rights the owner has in real property. In a word, the title is the ownership of the property. A clear title means the title is free of any encumbrances or claims on the property. A title with more than one owner is called concurrent ownership.

A defective deed does not convey the title to the grantee. Your complex question includes several terms that need to be defined, before I can address the issues your questions raise. A mortgage consists of two documents: a note (or bond); and the mortgage itself.

What is the difference between a defective deed and a note?

A deed conveys the rights from grantor to grantee. A defective deed does not convey the title to the grantee. Your complex question includes several terms that need to be defined, before I can address the issues your questions raise. A mortgage consists of two documents: a note (or bond); and the mortgage itself.

Do you have to be on the property deeds?

Do you have to be on the property deeds to be on the mortgage? Or can I have him on the mortgage and not the deeds? Also, can I leave my dad (who is retired and 59) on the deeds and mortgage as well as adding my partner? MW

Can a house be deeded to more than one person?

In such cases, there is one person on the mortgage but two on the deed. Both spouses are owners, but only one person is responsible for paying the mortgage. Some people may not want to add their names to the deed of the house because they are evading creditors.

What do you have if your name is on a mortgage?

A number of circumstances such as divorce or being a co-signer would create a situation where your name is on the mortgage but not on the deed. Mortgage holders and deed holders have two separate sets of legal obligations and responsibilities. The property in question acts as collateral to secure a mortgage loan.

Can a person’s name be on a deed without being on the mortgage?

4 How Can I Add a Person to My House Deed? It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.

In such cases, there is one person on the mortgage but two on the deed. Both spouses are owners, but only one person is responsible for paying the mortgage. Some people may not want to add their names to the deed of the house because they are evading creditors.

Do you have to be on the property deeds to be on the mortgage? Or can I have him on the mortgage and not the deeds? Also, can I leave my dad (who is retired and 59) on the deeds and mortgage as well as adding my partner? MW

What to do if your spouse is not on the deed?

If your spouse’s name appears on neither the mortgage nor the deed, talk with a local attorney. Given that you’re married, you probably can’t pursue an eviction proceeding even under these circumstances, but this might vary somewhat by state.