Can my name be on a house but not on the loan?
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.
Can you be on the note but not the mortgage?
Possibilities. As a borrower on the note who is not on the deed, you either co-signed or actively removed yourself from the deed after you obtained the loan. Co-signers, often parents or other relatives with excellent credit and income, help under-qualified borrowers obtain mortgages.
What happens if someone is on the deed but not the mortgage?
Generally, your name is on the deed to the home, then you you own an interest in it. The bank cannot foreclose since you did not transfer your interest to the bank. This means that you still own your share of the home. … The lender would only have the interest of the person who signed the mortgage (your spouse).
Do I own the house of my name is on the title?
Names on the Title Deed of A House
The person whose name is on the deed is the legal owner of the property. If you are unmarried but purchased the house with a partner who took out the mortgage, you can’t claim the mortgage deduction on your income taxes, even if you contribute to the payment each month.
Can my wife be on the title but not the mortgage?
The title doesn’t have much to do with the mortgage. … You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren’t legally responsible for making mortgage payments.
What happens if my husband died and my name is not on the mortgage?
If your husband died and your name is not on your house’s title you should be able to retain ownership of the house as a surviving widow. … If your husband did not prepare a will or left the house to someone else, you can make an ownership claim against the house through the probate process.
Can my girlfriend be on the deed and not the mortgage?
It’s perfectly legal to co-own a house with someone to whom you’re not married. You can put your name on the deed even if you don’t sign the mortgage, provided the lender agrees. Taking title as unmarried partners or friends, however, is often more complicated than when a married couple buys a house.
What are my rights if my name is not on the mortgage?
Remember this: regardless of whose name is or is not on the mortgage, if someone does not pay the mortgage, the mortgage holder (the bank, saving & loan, or another lender) can foreclose and take ownership of the realty regardless of whose names are on the deed. That much you may always count on.