What rights do I have if my name is not on the mortgage?

What rights do I have if my name is not on the mortgage?

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.

What happens if wife is not on mortgage?

Not on the Mortgage If the wife isn’t named on the mortgage, she can still make payments on it. However, she won’t be able to contact the loan company if there are any discrepancies such as a payment that doesn’t get credited. She also won’t be able to ask about changes to the escrow impound account.

Can you own a house if your name is not on the mortgage?

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.

What if only your spouse is on the mortgage or title?

If only your spouse’s name is on the mortgage, you may be able to add your own name to the mortgage. The other method of adding your name to an existing mortgage is through a refinance. A refinance is where you get an entirely new loan for your home, and you would apply for the loan as a couple.

Is my wife entitled to half my house?

Can my wife/husband take my house in a divorce/dissolution? Whether or not you contributed equally to the purchase of your house or not, or one or both of your names are on the deeds, you are both entitled to stay in your home until you make an agreement between yourselves or the court comes to a decision.

What happens if only one person wants to sell the house?

Selling or transferring ownership of your property may remove you from the deed, but it won’t impact the mortgage in any way. If you force a sale, the proceeds will pay off your mortgage and you can walk away.

Can my wife be on the title but not the mortgage?

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.

Is Partner entitled to half my house?

When you’re married you’re automatically entitled to a share of your partner’s assets. This means you have a legal right over the property, even if you’re not the legal owner. If you want to protect assets that you bring into the marriage, you should consider getting a prenuptial or postnuptial agreement.

Can my girlfriend be on the deed and not the mortgage?

It’s perfectly legal to co-own a house with someone to whom you’re not married. You can put your name on the deed even if you don’t sign the mortgage, provided the lender agrees. Taking title as unmarried partners or friends, however, is often more complicated than when a married couple buys a house.

Who has to leave the house in a divorce?

In California, property acquired while married is community property. This includes a shared family home. Typically, if the house belongs to both spouses and you cannot force your spouse to leave the family home during divorce except under very limited special circumstances.

Who keeps the house in a divorce?

In most divorces, the marital home is a couple’s biggest asset. It’s also the center of family life and often serves as an anchor for families with minor children. If a judge determines that the marital home is one spouse’s separate property, the solution is simple: the spouse who owns it, gets it.

Is it legal to take out a mortgage without your spouse?

It’s perfectly legal for you to take out a mortgage solo, even if you’re married. The lender, however, may still want your spouse to sign off on the mortgage. Even if he’s not on the hook for the loan, having him sign the paperwork protects the company’s lien on your house.

What happens if a spouse does not sign a mortgage note?

Whether or not your spouse signs the mortgage, he’s not liable for the debt if his name’s not on the note as well. If the house is 100 percent yours and yours alone – you have a prenup clearly separating your finances, or you bought it with an inheritance that’s your separate property – he doesn’t have a legal claim to the house.

Can a spouse not be responsible for a mortgage?

Essentially, the law also makes each of you responsible for part of the other spouse’s debts that are acquired during marriage, according to Nolo. The only way you would not be responsible for the mortgage debt is if you and your spouse sign a written agreement that makes the home your spouse’s separate property.

What happens if you have both spouses on a home loan?

In fact, sometimes having both spouses on a home loan application causes mortgage problems. For example, one spouse’s low credit score could make it harder to qualify or raise your interest rate.