What happens if your name is on the deed but not 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 are the four types of deeds?

In This Article

• Quitclaim Deed.
• Deed of Trust.
• Warranty Deed.
• Grant Deed.
• Bargain and Sale Deed.
• Mortgage Deed.

Should I put my boyfriend on the deed to my house?

Legal ownership is done through a deed, there is no other way for the both of you to legally own the property. If you are both paying for the property equally, it is fair for her to be an equally title owner. Unless you are business partners or married, each of your names should not be on the property.

Can you have two names on a house deed?

You can have two names on the deed but only one on the mortgage, but the mortgage will need to be paid each month for both parties to maintain ownership. Joint tenancy mortgage loans are typically for homebuyers whose finances are shared, such as married couples or life partners.

Can one person get a mortgage with two names on title?

Typically, ownership is established by looking at the names on the deed, so one person can technically get a mortgage when two people are seen as owners. However, if you have two names on title with one on the mortgage, you may be responsible if the mortgagee stops paying and risks foreclosure. TL;DR (Too Long; Didn’t Read)

How do you get a mortgage with two or more people?

So how do you go about getting a mortgage or buying a home by two or more people? There are two main ways to do it – either through a joint mortgage or by joint ownership. In the former, both parties (we’ll assume it’s a couple and not a larger partnership for now) are signatories to the mortgage and are equally responsible for making payments.

Can you have two names on a joint tenancy mortgage?

You can have two names on the deed but only one on the mortgage, but the mortgage will need to be paid each month for both parties to maintain ownership. Joint Tenancy Mortgage Loan Joint tenancy mortgage loans are typically for homebuyers whose finances are shared, such as married couples or life partners.