What does it mean if my name is on the deed but not 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. 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.
Can my name be on the title but not 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. If a mortgage exists, it’s best to work with the lender to make sure everyone on the title is protected.
Does a divorce decree override a mortgage?
A divorce decree generally doesn’t change the original loan or credit agreement. This applies to any loans or debts you owed with your former spouse such as auto loans, mortgage loans, personal loans, medical bills, or utilities.
What happens if your name is on the deed but not the mortgage in Florida?
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.
How can I get my ex wife off my mortgage?
You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner’s name from the property deed and the mortgage.
How do I get my name off of a mortgage after divorce?
There are several ways get your name off a mortgage loan:
- Refinance the loan. If you’re able to persuade your ex-spouse to refinance the loan into just his or her name, then you’ve accomplished your goal.
- Sell the house.
- Pay off the loan.
Does being on a deed affect your credit?
A deed is the official paperwork of ownership of a piece of property. Having your name on a deed by itself does not affect your credit.
Can you refinance a car title in a divorce?
As part of your divorce, you may want to request that your spouse refinance any outstanding loan into their name so that you are no longer responsible in the event of nonpayment. As long as your name is on the title or the loan, the lender can require you to pay the amount due even if your husband or wife previously agreed to be responsible for it.
Can a spouse’s name be removed from the title in a divorce?
However, unless that partner’s name is also removed from the title, they can still benefit from the sale of and equity in the home, so it’s important to not only refinance but also to update the title to reflect one owner. A quitclaim deed is commonly used to remove a spouse’s name from the title in a divorce.
Who is responsible for a car loan in a divorce?
In these states both spouses hold ownership of marital property and marital debt—regardless of whose name is on what loan or title—until a judge signs off on it and makes it legally binding.
What happens if you put your name on the title but not on the mortgage?
By adding your name to the title, but not to the mortgage, he is giving you half ownership in the property without any responsibility for making the mortgage payments. Of course, you will contribute equity and cash to pay the mortgage, but you don’t have any legal liability for this debt.