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twiceasnice
LIF Adult
Member since 2/08 1126 total posts
Name:
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Mortgage and Title
If you or your spouse holds the mortgage, does the title have only one name (or both)?
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Posted 4/21/11 8:20 AM  |
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babyface10
LIF Adolescent
Member since 3/11 804 total posts
Name:
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Re: Mortgage and Title
We are in this process and have been told even though I am getting the Mortgage in my name DH is actually listed on the title and contract.
HTH
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| Posted 4/21/11 8:22 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: Mortgage and Title
Dh holds the mortgage, he is only on the deed. We are adding me to the deed only next month.
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| Posted 4/21/11 8:27 AM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Mortgage and Title
Not necessarily.
You can have 2 different people on title and mortgage.
IMO, it's foolish to not have both on both.
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| Posted 4/21/11 10:33 AM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Mortgage and Title
ok. I'm adding this because of the other posts in this thread.
There are 3 very important peices of paper that you sign during the closing.
They are Title, Mortgage, and Note.
Title gives you the right of ownership.
The house can not be sold w/o the person on title signing off.
I have forgotten the details of the other two but basically one is acknowledgment that the bank is lending money to the person who has signed the paper and that they agree to make payments. The other is acknowldegment that if the payments are not made, you understand the bank has a legal right to foreclose.
In other words, the person who is on title only has a legal right to live in the house but no financial obligation to make the payments.
It's a very bad move for the person on the Mortgage and note to not be on the title.
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| Posted 4/21/11 10:45 AM |
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twiceasnice
LIF Adult
Member since 2/08 1126 total posts
Name:
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Re: Mortgage and Title
Posted by bobby769
ok. I'm adding this because of the other posts in this thread.
There are 3 very important peices of paper that you sign during the closing.
They are Title, Mortgage, and Note.
Title gives you the right of ownership.
The house can not be sold w/o the person on title signing off.
I have forgotten the details of the other two but basically one is acknowledgment that the bank is lending money to the person who has signed the paper and that they agree to make payments. The other is acknowldegment that if the payments are not made, you understand the bank has a legal right to foreclose.
In other words, the person who is on title only has a legal right to live in the house but no financial obligation to make the payments.
It's a very bad move for the person on the Mortgage and note to not be on the title.
Thanks my situation would be more like a previous poster. I will hold the mortgage in my name only. I would like my DH on the title. Mostly due to the fact that if I passed I would not want my house to go through probate =).
Not sure how the loan would be assummed if I passed....
Message edited 4/21/2011 11:27:01 AM.
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| Posted 4/21/11 11:25 AM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Mortgage and Title
I'm not as familiar w/ probate law as I am w/ mortgages but something seems to be missing.
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| Posted 4/21/11 12:16 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Mortgage and Title
Posted by bobby769
ok. I'm adding this because of the other posts in this thread.
There are 3 very important peices of paper that you sign during the closing.
They are Title, Mortgage, and Note.
Title gives you the right of ownership.
The house can not be sold w/o the person on title signing off.
I have forgotten the details of the other two but basically one is acknowledgment that the bank is lending money to the person who has signed the paper and that they agree to make payments. The other is acknowldegment that if the payments are not made, you understand the bank has a legal right to foreclose.
In other words, the person who is on title only has a legal right to live in the house but no financial obligation to make the payments.
It's a very bad move for the person on the Mortgage and note to not be on the title.
Just wanted to clarify this a little bit:
I guess by title, you are referring to the Deed.
The Deed shows who owns the house. If you are on the Deed, you must be on the Note, which shows who is reponsible for paying back the bank. The person or people on the deed, will both have to sign the mortgage. Since the mortgage is a recordale document, it needs to match the deed.
that being said, I think you were just asking if a person can be on the deed (title) and not the note. Yes, but they will be need to be at the closing (whether it's a refinance or purchase) to sign the deed/and mortgage (in additiona to a few other documents that must also match the deed).
Your husband should be on the deed to avoid probate.
HTH
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| Posted 4/21/11 1:27 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Mortgage and Title
Posted by Deeluvsvinny
if a person can be on the deed (title) and not the note. Yes,
That's the part that I'm saying is a bad idea.
I would never have someone listed as an owner who is not willing or able to take on financial responsibility.
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| Posted 4/21/11 4:30 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Mortgage and Title
Your husband could be on the deed and although he is not on the loan he would have to sign the mortgage as an owner of the home. He would not have to sign any of the other loan documents. You would be personally liable for the loan if anything happened and you were not able to pay the mortgage. He would have no personal liability.
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| Posted 4/21/11 5:28 PM |
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twiceasnice
LIF Adult
Member since 2/08 1126 total posts
Name:
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Re: Mortgage and Title
Thanks! I originally figured everything would be solely in my name but after experiencing probate I want to protect all my assets and future assets. Im not worried about DH's financial obligations if I died....he wouldnt have too many worries!
For all of your own benefit- put a beneficiary on EVERYthing right down to your checking account.
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| Posted 4/21/11 10:14 PM |
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