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lastgoodguy00001 | Here's my question, If someone is on a deed to a house and not the mortgage, are they liable for the mortgage? |
they have never signed anything for the mortgage and never made a payment towards said mortgage. |
 |
 
Hoopfan
|
The person who has title to the home is NOT liable for the mortgage. However, before title transferred, the fact that there was a mortgage, secured by the home, should have shown up on a title search.
If it did not, then title insurance would kick in, and pay the mortgage for the mistake.
If it did, then the person with the deed would not have free and clear title to the home, and the note holder could forclose. |
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Jim C
|
No, they just co-own the house. It's just like a car loan and title. The loan could be in your name but the title to someone else. |
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smomus
 |
i would assume no... but if they don't want to lose the house to the mortgage co then they better help make payments |
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Karen R
 |
No but if the house gets foreclosed on will you have a place to go? |
|
mortgage help
 |
no |
|
360.yahoo.com/seatere
 |
Hi There,
I am afraid that if the person is on the deed they own the property and therefore are obligated to any and all credit obligations related to that property.
If you would like to know more about this you can feel free to contact the people at Investment Property Mortgage, they have always been a great help to me in this regard and are very knowledgeable. |
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wallyinsa
 |
No. Only the name(s) on the mortgage is responsible. |
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~*Prodigious*~
|
I don't think so, but if the mortgage person is dead and nobody else is on the deed, then, yah, the house mortgage does fall on the heir |
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me_worry?
|
How is it you have a deed if you are still paying mortgage? Deed to the house is provided you by the mortgage company only after the mortgage is entirely paid. You have another problem if you have a mortgage contract with a company and you have another person in contract but did not go through the credit qualification. Either way neither persons named in the purchase contract can sell the house without both signatures, therefore if you negate on the mortgage contract, the other person will also be named in the repossession process. |
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satarnag
|
No they are not liable for the mortgage. The lender will come after those responsible for the loan. If they don't pay up, then the lender will foreclose on the home. Therefore the person on title has a vested interest not to let the property foreclose.
Regards |
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