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Jennifer | Am I still an owner of my house? |
My partner is going to get a second on the house. I am on the first loan and on the deed as well. She told me since I am a full time student and not currently employed, that she will be the only one on the new loan.
Am I reliquishing my rights to the house? Will she be able to Kick me out (Just a hypothetical) if I am not on the morgage?
Thanks! |
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Matt K
|
The deed is the legal instrument that determines ownership. Since your name is on the deed, you one of the owners. More than likely, your co-owner will not be able to complete this transaction because the two of you likely own the property as "Joint Tenants with the Right of Survivorship", meaning you each have 50% ownership, so the bank's collateral (i.e. the house) is worth only half as much.
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Expert Realtor
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Who is on the mortgage has nothing to do with who owns the house.
You can buy someone a house and not own it at all.
As long as you are on the deed, your 50% interest in the property is secure.
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arlene k
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If you are on the deed, you should have no problems. Best to check with a lawyer in your state. After a divorce I did not refinance, so he stayed on the loan, he signed a quit claim deed giving the property to me. I sold the house with no problems because I had the quit claim. And he did not get off the financing until it was sold. Just don't sign a quit claim deed and you should be fine. The financing and the deed are two separate things. |
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Pengy
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You are on the first mortgage and the deed, so you are safe. She is getting a second mortgage on the home even if not on that, if she goes into foreclosure the home is at stake and because you are on the first, you could suffer the consequences. |
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flingebunt
 |
Your house is being used a collatoral to guarantee the loan.
What this means, is that your partner has the responsibility to pay back the loan, but if they fail to do so the lending agency could foreclose (sell your house) to recover the money from the loan.
You have not transferred ownership of your house or given your partner any additional rights. But if you kick your partner out of the house, the house still remains as collateral for the loan. |
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tempting_butnothanks
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if you are on the deed, i don't see how she can get a loan without you. |
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Tom S
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No bank is going to put a second on your house without both of you on the loan, it would be an un-enforceable contract. Sounds like your problems lie much deeper than the mortgage. Perhaps you should consider asking her to buy you out. |
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golferwhoworks
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yes unless you are added to the deed of trust since you said partner and not spouce. If you are not entered as at least a tennent in common then you hav eno rights to the home what so ever |
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Serena
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I'm wondering if it's legal for her to get a mortgage without your signature on a home that lists you as one of the owners on the deed. Most states offer free (or at least really cheap) consultations in situations like this. If you don't hear from any real estate lawyers or experts, it might be worth your time to check into that. |
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