New York | Real Estate Law
2/06/07, 1:45 pm
Legal Question
buying a home
What are my legal rights if my name is not on the morgage application but is on the deed?
buying a home
What are my legal rights if my name is not on the morgage application but is on the deed?
|
Read More Answered By: Bunji Fromartz |
Great rights You have a home, no personal liability but there is a mortgage against the property.
This means the bank cannot sue you personally, only go against the property for the money.
However, if you are buying or getting a house and not contacting the mortgage company about the change you can be in danger. If the mortgage company finds out about the change and they were not told they may demand the entire amount as due. This is a rare event and usually only happens if the mortgage is late in being paid, but is a possibility. |
|
Read More Answered By: Michael Moberg |
Re: buying a home If you will be an owner of the property, then your name will appear on the Deed (title to the property) and on the mortgage (security interest) but may not appear on the Promissory Note to the lending instituion. This senario is very common.
It plainly means that you are not borrowing the money from the bank and are not responsible for the monthly payments (nor is your credit affected). However, if the borrower defaults on the payments, it would be in your best interest to assume the payments to avoid foreclosure since you are pledging the property as collaterol.
You do not have any less property rights than the borrower of the loan.
If you should have any further questions, please do not hesiatte to contact me. |
Boca Raton, FL
Questions Answered: 7772
Last Question Aswered on: 2012-05-24
Hewlett, NY
Questions Answered: 4227
Last Question Aswered on: 2012-05-23
Florham Park, NJ
Questions Answered: 4122
Last Question Aswered on: 2012-05-24
Dallas, TX
Questions Answered: 1827
Last Question Aswered on: 2012-05-23
Chappaqua, NY
Questions Answered: 1594
Last Question Aswered on: 2012-05-24
Closter, NJ
Questions Answered: 1320
Last Question Aswered on: 2012-05-22
Hastings On Hudson, NY
Questions Answered: 1074
Last Question Aswered on: 2012-05-15
Hawthorne, NY
Questions Answered: 975
Last Question Aswered on: 2010-12-10
Englewood Cliffs, NJ
Questions Answered: 630
Last Question Aswered on: 2012-04-30
► Reverse Mortgages My in-laws had a reverse mortgage. They signed these forms and in...
► Real Estate/Basement Apt. My grandparents will be moving into my parents new home...
► Selling and buying a home after you sell your home and you go to contract does the...
► Mortgage Question Hello ... could you please tell me the quickest, cheapist (free is...
► Sister in Home Gone Bad My husband purchased a home for his sister, he was in...
► Forclosure how can i avoid forclosure
► House I bought a house with an ex-spouse as a business partner. Both are names are...
More Real Estate and Real Property questions and answers in New York| Bill of Sale | Living Will |
| Contracts | Notices |
| Divorce | Power of Attorney |
| Employment | Quitclaim Deeds |
| Landlord & Tenant | Real Estate |
| Leases & Rentals | Sales and Purchases |
| Letters | Wills |
| Living Trusts | More... |
© WebsiteBroker, Inc.
LawGuru.com | Advertise on LawGuru | Affiliate Program | Privacy | About Us | Press