What are the risks of having mortgage under my name while not being on title?
Tags:2nd mortgages, 3 years, family member, loan documents, public records,
5
A family part of asked me to refinance their debt underneath my name 3 years ago given they had a failure as well as were incompetent to validate for any loans. The pretension was altered so which we was combined upon it. we not long ago checked as well as saw which they have private me from a title. we asked them to refinance it out of my name though they pronounced their credit is still as well bad as well as they can’t qualify. What happens if we sojourn upon a loan as well as not a title? This chairman has additionally mislaid their pursuit so we am frightened if they skip any payments. If God dissuade something happens to them would we be initial in line to during slightest get a residence deliberation both a initial as well as 2nd mortgages have been underneath my name? I’m so frustrated, do not wish possibly loan underneath my name (for 0,000).
Mark M we do not assimilate because we contend they messed up as well as we shouldn’t be upon a title?? Also a bank is not upon pretension of course, usually a family part of is (why would they present their skill to a bank as well as put them upon a title?) It was me as well as a family as well as right away a open annals uncover we am no longer upon it. we am wondering if they snuck in a paper to mislay me to pointer when we was signing a loan documents.
Incoming search terms for the article:
- my name is not on the deed but on the mortgage What are my rights?
- name on title but not mortgage risks
- risk of my name on a mortgage
- risks adding name to title of home
- will the bank let my pay my morage while still in my name
Related solution post:
- take out home equity loan to pay part of mortgage?
- are there any mortgage lenders out there that have “stated disability” programs?
- Can someone add names to a home title without it causing an existing home equity loan to be called due?
- Can someone add names to a home title without it causing an existing home equity loan to be called due?
- Can I get a home equity loan or do I have to re-do my mortgage?
I don’t know how they "removed" you from the title, are you sure you weren’t looking at the old title? The bank obviously would think you own the house. It may take you some time to realize that they are not paying the bill especially if the mail goes to their address. You should immediately contact a real estate attorney for help in this matter, state laws vary and this is quite a conudrum.
Some thing is dodgy here. You can add people to a title, but removing them is tricky. If they removed you from the title, technically that is fraud. The question is, are the banks listed as lien holders?
If the banks are, then you are ok. Still, if they default on the loan, the bank will foreclose, sell the house for what it can get, and come after you for the difference. Since they took you off the title illegally, you can come after them, and so will the bank.
If your family members had left you on the title, then they could have jingle mailed the keys to the bank, and the foreclose would not have even been on their credit report. Now they messed up, it is a good thing to you, because they are now on the hook. Remind them of this fact some time. They took you off the title, you don’t want to be back.
Nobody can remove you from the title unless you signed a quit claim deed. I am sure you did and you did not know about it. Your family put you in the title so you can be qualify for the loan and take you out the title because they did not trust you. They have tricked you to sign a quit claim deed while you sign for the loan because so many papers work that you did not pay attention. Let pray that your family can pay for the mortgage or you will be responsible for the loan or you can kiss your credit goodbye for ten years. The bad thing about your situation is you own the Mortgage but you don’t own the house. If they don’t pay the mortgage and you pay for them you still not own the house.
You must hire a real estate attorney as soon as possible and member to get the loan officer as well.
You need to consult an attorney asap. The bank will come after you if they default on the loan. I seriously can’t imagine why you would ever have done this. That being said, call an attorney
how much money do you make a year? $300,000? that is what would be required to be able to afford a mortgage that large. why did you ever co-sign for a $800,000 mortgage?? is your IQ 75?
shouldn’t the fact they already had a bankruptcy have rung huge loud bells in your ears saying RUN AWAY!?!?!
they should have gotten out of the house back then if they couldn’t afford to refinance
No one in their right mind should be buying ANY house if they can’t afford it themselves.
YOU WILL be getting stuck with the payments any time now since one of the people lost their job and soon they won’t be able to pay it and it is probably worth less than they bought it for.
you should have thought about all that possibility before risking your entire financial future by co-signing
You are are stuck with that loan in your name until they sell it or pay it off and then you will have nothing to show for it since they took your name off the deed – I would take them to court and make them put it back on