What if Im on the title 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.
What are my rights if my name is on 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).
Should I put my wife’s name on the house title?
While there are some good reasons to add your new spouse to your Deed, there’s also a reason why you shouldn’t. Ultimately, there is no right answer. When you put your spouse on the Deed to a property that you owned individually prior to marriage, you are creating what’s called a tenancy by the entireties.
Does being on the deed only make you an owner?
Being on the deed only does not require you to pay the mortgage. Being on the mortgage only does not make you an owner. The paperwork and legal concepts involved in owning and paying for real estate are different from owning and paying for a vehicle. The document that signifies ownership of a vehicle is a title, not a deed.
Can I remove my spouse’s name from the deed?
While it is both legal and possible to remove one party’s name from the deed by creating a new deed from both to just one, that cannot be done with the mortgage and careful planning after a consultation with an experienced divorce lawyer is absolutely necessary.
What happens if you leave the house but not the deed?
Such agreements have allowed my clients who left the house to be able to obtain a new mortgage in the future. In the relatively rare situation where a spouse in on the mortgage but not on the deed serious complications are possible and must be discussed in advance with an experienced divorce attorney.
Can my spouse pay all of my house expenses?
Household expenses can be shared, but they may not be equally split between spouses, depending on the income level of each partner. If one spouse pays all of the mortgage and household expenses, even while maintaining their own separate residence, you may have significant financial repercussions before the divorce is finalized.