What does it mean to be on deed but not mortgage?
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
When your name is on the deed but not the mortgage?
If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It’s the deed that passes real estate ownership from one entity to another.
What is the difference between being on the deed and the mortgage?
Deed: This is the document that proves ownership of a property. It transfers ownership of the property to the grantee, also known as the buyer. Mortgage: This is the document that gives the lender a security interest in the property until the Note is paid in full.
Can spouse be on deed but not mortgage?
Yes, you can add your partner to your property title to make you the joint owners of the property but they need to have an interest or share in the property. The existing loan may also need to reflect this new ownership structure, which means that the loan may need to be refinanced.
Are you responsible for a mortgage if you are on the deed?
In short, if your property is in ‘joint names’, that is both you and your partner are on the Title Deed, then you are both legally responsible for the payment of the mortgage.
Can your name be on the deed if not on the mortgage?
If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It’s the deed that passes real estate ownership from one entity to another. A person’s name can be on the deed but not the mortgage.
Can I sell a house if my name is not on the deed?
If your name is not on the deed of the house and you break up with a partner, they could legally sell the house and keep the proceeds unless you have another legal agreement in place that spells out the specifics of the arrangement.
Can a person’s name be on a deed without being on the mortgage?
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances.
Does it matter if my name is not on the deed?
It doesn’t matter whether your name is on the deed or not, when the property is purchased during married, or paid for during the married (only for the % of amount paid), it is presumed community property. So if a dissolution of marriage case is filed, the community property shall be divided equally.