What does it mean to be on the mortgage but not the note?

In the event of default in payment of the note, the lender can foreclose on the home and sell it. The mortgage or deed of trust must be signed by all those in title to the property. But if you did not sign the mortgage, it’s because you are not co-owner of the home.

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.

Where does a mortgage note deed and title go?

Mortgage, Note, Deed & Title. The mortgage itself is a document that gives the lender the right to have the property sold to repay the loan if the borrower defaults. Since the mortgage in effect gives the mortgagee (the lender) an interest in the land, the mortgage is recorded at the county recorder’s office.

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.

Can you be held liable on a note or mortgage you did not sign?

I can help with either. As a general rule, the advice you received is correct, you cannot be held liable on the note or mortgage you did not sign. However, vacant property is a liability waiting to happen, and since you are on the deed you may want to make sure you have adequate insurance and/or persuade the lender to accept a deed from you.

Do you have to be on the note if you are on the deed?

So, as a rule of thumb, if someone is on the Deed, they must be on the Mortgage. But just because they are on the Mortgage, doesn’t mean they are on the Note.

Who is on the deed but not the mortgage?

My mother and I bought a house together a few years ago. I was placed on the deed but not on the mortgage or the note. My mother passed away last year, and we discovered that the house was underwater, the payments were more than we could afford, and after several hilarious conversations with the bank we were told to stop paying the mortgage.

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.