In the event you opt for two names on the title and only one on the mortgage, both of you are owners. The person who signed the mortgage, however, is the one obligated to pay off the loan.
Ownership of real estate can get complicated in some scenarios. You might own a property with your name on the deed, but the mortgage—the loan used to buy the house—is in someone else's name. This can happen if you inherited a house, received it as a gift, or shared it from a previous relationship.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan.
You, as the homeowner, typically hold the house deed to your property, even with a mortgage. The house deed and mortgage are separate legal documents with different purposes. A deed proves ownership and transfers title, while a mortgage is a loan agreement.
In California, you own the home, with your mortgage owner(s) having first rights to any proceeds from a sale.
What if my Former Spouse is on the Deed but not the Mortgage? If your spouse is on the deed but not the mortgage, they own the house but are not liable for the mortgage loan and the resulting payments.
If the property is not in your name, you will need to determine if you have the legal right to sell it. This could be the case if you are the executor of an estate, the power of attorney for the owner, or if you have a valid contract or agreement with the owner giving you the right to sell the property.
If your surviving spouse isn't on the mortgage, federal law provides protections allowing them to assume the mortgage and keep the home. This is assuming they (and not someone else) inherit the property. The surviving spouse must also be able to afford the mortgage payments to assume the mortgage.
Most property you or your spouse got during your marriage is marital property. If there is a title or deed, it does not matter whose name is on it. It is still marital property unless it was a gift or inheritance. If something is marital property, it is owned by both of you.
The two documents that are recorded in the county – the Deed and the Mortgage – must match exactly. Both Jane and John's names would be included on both of these documents. The Note, however, may be different, and acceptable for the lender to only require Jane's name and signature.
If solely in the deceased spouse's name
The surviving spouse can often assume the mortgage, but this process may involve credit checks and lender approval. If the surviving spouse cannot assume the mortgage, other options must be explored to prevent foreclosure.
Generally speaking, a person cannot be removed from a deed without their knowledge and consent. It is possible to remove someone from a deed illegally by recording a new deed with a forged signature. However, such a deed resulting from fraud or forgery is void and can be easily removed by a court.
The deed to the property will name the two owners as joint tenants. Since each party has a claim to the property, they also share the benefits. If they decide to rent out the home to another individual or if they sell the property, each party is entitled to a 50% share in the profits.
Ohio still recognizes a statute that protects both husbands and wives regarding an interest in real estate where a spouse does not hold title to the property (only one spouse signed their name on the deed). An example is when Tom and Mary, a married couple, own title to one plot of land.
In many cases, the spouse can inherit your house even if their name was not on the deed. This is because of how the probate process works. When someone dies intestate, their surviving spouse is the first one who gets a chance to file a petition with the court that would initiate administration of the estate.
For a community property in California, it depends upon when and how their spouse acquired the property. The law asserts that all property purchased during the marriage, with income that was earned during the marriage, is community property.
No, a mortgage can't remain under a deceased person's name. When the borrower passes away, the loan won't disappear. Instead, it needs to be paid. After the borrower passes, the responsibility for the mortgage payments immediately falls on the borrower's estate or heirs.
Yes, it is entirely possible for a person's name to be on the deed without being on the mortgage. For starters, a mortgage is only involved if the buyer of the home needed assistance financing their home purchase. There are certainly buyers out there who pay all cash for a home and don't need to take out a mortgage.
Regarding property ownership, two essential documents are the deed and mortgage. Out of these two, the deed is undoubtedly the most important one. It acts as concrete evidence of your rightful ownership of the property.
When there are two names on a title deed, it means that there are joint owners of the property and each person owns an equal share of the property. The mortgage does not need to include both names to be valid. Even if the mortgage only lists one spouse, it does not affect the share of the ownership of the property.
However, in a community property state (like California) – and even some states without community property laws – a home purchased during the marriage is considered marital property, regardless of whose name appears on the deed.
Since you were not able to pay for the property outright though, who technically “owns” the home, you or your mortgage lender? The short answer is that you do. Your name will go on the title and the deed of the house. Your home serves as collateral on the loan, but you own it for most intents and purposes.
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.