Who is the mortgagee in a mortgage deed?

It is essential to specify the name of the mortgagor and the mortgagee in the mortgage deed. The person who transfers the interest of his property as collateral to take a loan is called mortgagor, whereas the person to whom such interest is transferred is called the mortgagee.

How to transfer the deed to my name?

The deed is clearly written for an Estate Executor to distribute real property (the house) to the heirs as directed in the will. On the way home I stopped by my lawyer’s office (he was actually in) and asked him what he thought of me using the form to deed the property to myself.

Why is my mom on the title of my parents home?

The primary reason is that you might squander a tax opportunity. Under current IRS rules, your mom’s cost basis for the home might be quite low. If she were to die, her basis in the home would not transfer to you.

Can a mother get a loan modification based on her income?

Moreover, in that case, your mother won’t be able to get a loan modification based on your income. You will have to have your name on the deed as well as on the mortgage documents.

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

A person’s name can be on the deed but not the mortgage. In such circumstances, the person is an owner of the property but is not financially liable for mortgage payments. House Title vs. Mortgage The person whose name is on the deed has the title to the property.

How do I get title to my mother’s house?

If the mother included the property as part of a living trust, title will pass on through an informal process. More commonly, however, the property will be included as part of the person’s estate. During probate, the estate’s assets will be divided according to a will and state laws.

What happens to a deed after the death of a parent?

Deeds to land and vehicles do not automatically transfer after the death of a parent. If the mother included the property as part of a living trust, title will pass on through an informal process. More commonly, however, the property will be included as part of the person’s estate.

When does a mother become the owner of a property?

Right to property is governed by personal and statutory laws. Once the mother (a woman) acquires any property through will or gift or by inheritance or it a self-acquired property, she becomes the absolute owner of the same. Under Hindu Law, the property of a mother devolves as per the Hindu Succession Act, 1956 (the Act).