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somethincute4u04 | I have purchased a home, I had my boyfriend's name put on the deed of the home, is he liable for the mortgage? |
Additional Details
His parents just recently found out and his father is an attorney, now everyone is worried that he has taken on a huge debt, but since the loan is in my name and he is only on the deed, i didn't know if he would be legally liable??
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newmexicorealestateforms
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Here is how it works:
You signed a note and a mortgage, which are two different instruments.
The note created the debt and the terms that you and the lender agreed to.
The mortgage was provided by you to the lender giving the lender the right to proceed against you in a court of law and go after the collateral in the mortgage instrument which was the home.
If you read your mortgage carefully you will find a clause in there that gives the lender the right to call in the debt created in the note if they feel jeopardized in their position to collect from you.
Since they entered into the right to proceed against you thinking that you were the only one on the title they would have to mention the boyfriend if they knew about him to be able to extinguish his jr claim to the title.
Therefore they are jeopardized right now and failure to mention all parties of interest in a law suit would cause the suit to be dismissed under the indespensable party theory.
I would have him deed his interest back to you and then get permission from the lender to add him to the title and to the mortgage not the note if you are so kind, although there should not be a free ride if he wants an interest he should partake on the responsibility of the debt. His dad can do the paper work.
I wish you the best. |
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royphil345
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Only if he signed it and all of the loan papers. Whoever took out the loan is obviously responsible for paying it off. |
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satarnag
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A title and mortgage/loan are two seperate things. If his name is on the mortgage, then he is responsible for the mortgage. If he's just on title, then no, he's not responsible for the loans. That said, he does have a vested interest in making sure that the loan gets paid because the lender will take the house away.
That said, it is a very bad idea for you to own property with a boyfriend/girlfriend/friend without having a contract in place in case one of you decides to leave, gets disabled or dies.
Regards |
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gracefull
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What was your purpose in putting your boyfriends name on the deed of your home? These types of actions can be easy to get into and difficult to get out of. |
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airbob61@verizon.net
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The person(s) who signed the finance contract is responsible for the debt. |
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tom
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The way I see it you have the obligation, and he owns 1/2 of the house. He may move on and you own only 1/2 of a house
He should be safe from harm,unless the house is foreclosed on, and His name is recorded within the foreclosure papers and recorded. |
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eric h
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Not unless he signed it. |
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D.W.W.
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nope. If he did not sign the mortgage, then yo ucan do nothing, however, you can fight it in court and it can be easily overturned by a mediator based on contribution to the home. |
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smiley64612003
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Yes!! |
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