Does the name on the mortgage need to match the deed?

Asked by: Martina Abernathy III  |  Last update: February 20, 2024
Score: 4.6/5 (56 votes)

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.

What happens if your name is on the mortgage but not the deed?

You are not the property owner when your name appears on the mortgage but not on the deed. Your role on the mortgage is merely that of a co-signer. Because your name appears on the mortgage, you are responsible for making the payments on the loan, just like the property owner.

Can one person be on the mortgage but two on the deed?

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.

Can I put my wife on the title but not the mortgage?

Yes, 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 only one person pays the mortgage?

Put simply, lenders won't care who and how many people chip in to pay back a mortgage loan, as long as someone does. The only thing they will state is that both parties are liable for repaying the debt. A joint mortgage paid by one person is more common than you may think.

Two Names on Deed, One on Mortgage – Who Owns the House? by Peter Zinkovetsky

23 related questions found

Can someone be on a mortgage but not the loan?

It is generally okay to have two names on title and one on the 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.

What if my ex wife is not paying the mortgage?

Dealing with the mortgage is very important. It is possible for a deed to be quitclaimed but for both divorcees to remain on the mortgage. If one decides to stop paying the mortgage, the other is obligated to make the payments. Failing to pay the loan would lead to default and foreclosure.

What if my partner dies and the mortgage was in their name only?

A mortgage lives on after the death of the borrower, but unless there is a co-signer or, in community property states, a surviving spouse, none of the deceased person's heirs are responsible for paying the mortgage. Those who are in line to receive an inheritance may be able to take over payments and keep the house.

What are the disadvantages of adding a name to a deed?

What are the risks of adding someone to a property deed?
  • Loss of control. ...
  • Exposure to co-owner's creditors. ...
  • Complicated tax issues. ...
  • Impact on eligibility for government benefits. ...
  • Potential for family conflict. ...
  • Unintended consequences in life events. ...
  • Difficulty in changing plans. ...
  • Joint tenancy issues.

Does it matter whose name is on the house?

Who's going to get the house? Well, it's kind of a trick question because it doesn't matter. It doesn't matter whose name is on the deed or whose name is on the mortgage. Nine times out of 10 what matters is when the house was purchased and with what type of funds it was purchased.

What's the difference between being on the title and being on the mortgage?

Whoever signs the title has legal ownership of the property. By signing the title you can legally make any modifications to the property at your discretion. The mortgage on the other hand is a just an agreement to pay back the full amount of the loan that was taken out to pay for the property.

Does it matter whose name is on the mortgage in a divorce?

While the name on the mortgage can influence who is responsible for the debt, it doesn't necessarily dictate how the property is divided.

What to do if you break up with someone you bought a house with?

Essentially, based on your circumstances, you have three options.
  1. Purchase each other's interest. An easy solution is for one of the parties to quitclaim their interest to the other. ...
  2. Sell the house outright. ...
  3. Partition the property.

How long can a mortgage stay in a deceased person's name?

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.

Does being on a house title affect your credit?

The easy answer is No, if you are an owner but do not owe money on the NOTE your credit report and rating will not be affected if the note goes into default.

What does adding someone to the deed mean?

Many people who are seeking ways to simplify things for their loved ones after they're gone consider adding one or more of their children or other family members to the deed to their home. If you add an adult child, for example, to your deed, they become a co-owner of the property while you're alive.

Does adding someone to my deed affect my mortgage?

Adding your Girlfriend To A Deed With A Mortgage

The person added to the deed is still not liable for the mortgage loan. This blog does not constitute legal advice and does not establish an attorney-client relationship.

Why wouldn t you want to add your spouse to the deed of your house?

When it comes to reasons why you shouldn't add your new spouse to the Deed, the answer is simple – divorce and equitable distribution. If you choose not to put your spouse on the Deed and the two of you divorce, the entire value of the home is not subject to equitable distribution.

Can my mom add me to her house deed?

Can my parents put me on the deed to their house? Your parents can put your name on the deed to their house. Many people might see this as a simple method of estate planning. However, it may be a bad idea.

What happens if my husband died and I am not on the mortgage?

But, if the surviving spouse is not listed on the mortgage, there must be a transfer of ownership in order for the surviving spouse to keep the house. Once ownership is transferred to a surviving spouse or any other heir, it is up to them to continue making payments until they decide what to do with the house.

What if my husband died and my name is not on the house?

In our example, if the husband had a will then the house would pass to whomever is to receive his assets pursuant to that will. That may very well be his wife, even if her name is not on the title. If he dies without a will, state laws will determine who is entitled to the home.

What happens if my husband dies and everything is in his name?

In most cases, the spouse's will determines what happens to their property. So, you must look over the will with an attorney to see if you're entitled to their property. However, if your husband didn't have a will, you may automatically inherit the property, depending on your state's laws.

Does my husband still have to pay the mortgage if he leaves?

Even if one person doesn't want to or can't pay the mortgage, both people are likely still on the hook for the debt. The lender can often come after either person for the full amount of the existing mortgage, no matter who is named on the mortgage.

Does my husband have to pay the bills until we are divorced?

Until the divorce is officially finalized, both spouses may still have shared financial obligations, but temporary agreements or court orders may determine the specific financial arrangements.

Can I sell my house if my ex is on the mortgage?

The ownership is determined by who is on the title. If your name is on the mortgage, but NOT on the title, you do NOT own the property. So, NO. If you do not own the home, you can not sell the home.