If you are on a deed but not the mortgage are you responsible for the mortgage?

Actually, no. BUT, if the person on the note stops paying and the property is foreclosed upon, you lose the property just like they do Answer and Clarification Actually, it depends on when your name went on the deed. If your name was on the deed before the mortgage was granted then the bank can only foreclose on the co-owner's interest if you didn't sign the mortgage.

This has become a practice in some states although it can cause problems in the event of a default. In order for the lender to have their interest in the mortgaged real estate perfected, all the owners must sign the note and mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage.

Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage Many lenders during the sub-prime lending frenzy wrote mortgages without having all the owners sign. In that case the lender does not have full interest- only the interest of the person who signed the mortgage.

Unscrupulous lenders are only interested in collecting the high fees and costs associated with the initial transaction. They aren't concerned with good title if the borrower defaults since the loans are sold soon after the transaction An attorney should always be consulted when making changes in the title to real estate. There are many lenders who break the rules in order to sell the loan.

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