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.

Does mortgage have to be in same name as owner?

Because a mortgage gives the bank a security interest in the property, at least one of the mortgage borrowers must be an owner of the property.

How do I add another name to the title of my house?

Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.

Can I buy a house and put it in someone else’s name?

Yes. The deed can be in your name while the loan may be made to (and the responsibility of) someone else. You have to understand that the deed and the mortgage are two entirely different things. The deed identifies who the legal owner of the house is.

Can you own a house but not be on the mortgage?

Yes, you can be on the deeds of the home but not on the mortgage but most mortgage lenders won’t agree to this.

Can you add someone to a house title after closing?

After the closing, your deed will be recorded with the local municipality, making it part of the official record. The best time to mention the names you want on the deed is well before closing. However, you can add an owner to the deed after closing, as long as you understand the risks associated with it.

Can I be on the deed but not the mortgage?

A person’s name can be on the deed but not the mortgage. In such circumstances, the person is an owner of the property but is not financially liable for mortgage payments.

Can I add someone to my house title without permission?

Deeds are public record and mortgage lenders employ companies to search public records for such items as borrowers’ deed transfers or delinquent property taxes. So you should obtain your mortgage lender’s permission before adding someone to your home’s title or deeding it over to others.

Can a person’s name be on a deed without being on the mortgage?

Can a Person’s Name Be on a Deed Without Being on 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.

How do I transfer a property into one person’s name?

In order to transfer a property into one person’s name, you will need to complete a ‘Transfer of Whole of Registered Title’ form and send it to HM Land Registry, along with the correct fee and identity verification forms.

Can I buy a house in just my name?

A Yes, because you didn’t manage to tie the knot in April, there is a way you could buy a home in just your name but with both of you named on the mortgage and it’s the catchily-named (not) “joint borrower sole proprietor” mortgage.