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Message |
    
greeneyes
Citizen
Username: Greeneyes
Post Number: 410
Registered: 8-2001
| | Posted on Wednesday, November 12, 2003 - 3:55 pm: | 
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Is it possible for a husband and wife to own a home together and the mortgage is written in the husbands' name alone? Both names appear on the deed.
I always thought that both names had to appear on the mortgage or any loan associated with the home. Am I wrong? |
1-2many
Citizen
Username: Wbg69
Post Number: 580
Registered: 6-2002
| | Posted on Wednesday, November 12, 2003 - 4:13 pm: |
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one joint owner can, theoretically, mortgage his sole undivided interest in the home, independently of the other owner(s). it really becomes a practical question of, what lender is willing to enter into this arrangement. most want both property owners to sign off on any mortgage on property owned jointly. |
greeneyes
Citizen
Username: Greeneyes
Post Number: 412
Registered: 8-2001
| | Posted on Wednesday, November 12, 2003 - 4:19 pm: |
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Thanks 1-2. I never heard of a mortgage lender issuing a mortgage with one name only, but I guess it's possible. Impractical but possible. |
xavier67
Citizen
Username: Xavier67
Post Number: 296
Registered: 6-2002
| | Posted on Wednesday, November 12, 2003 - 4:22 pm: |
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I thought the deed and the mortgage have nothing to do with other in terms of names that appear on them. I thought the name(s) on the mortgage simply reflects who applied for and received the loan from the mortgage company; and the name(s) on the deed reflects whom you and your spouse decided should own the house officially.
Am I completely off? |
Brett
Citizen
Username: Bmalibashksa
Post Number: 423
Registered: 7-2003
| | Posted on Wednesday, November 12, 2003 - 4:26 pm: |
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A friend of mine did this because of credit reasons. The explained to the bank that his credit was good but his wife’s was a mess. The bank told him to have the deed put only in his name, she wouldn’t allow this. So he talked to the bank and both parties agreed that the wife would own ½ of the house no matter what name was on the deed, so they Ok’d the mortgage for him only. I can get the banks name for you but this was 8 years ago and it may have merged with other banks. |
greeneyes
Citizen
Username: Greeneyes
Post Number: 413
Registered: 8-2001
| | Posted on Wednesday, November 12, 2003 - 4:30 pm: |
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Maybe I am too. In my mind Deed = Ownership. If that is true then how could one owner get a mortgage or other type of loan listing the house as collateral without the consent of the other owner(s)?
A friend is having marital problems. She discovered that her husband has a mortgage on their home in his name only and payment on that mortgage is behind. The mortgage company won't speak to her about the situation because her name does not appear on the mortgage. I've never heard of such a thing. |
1-2many
Citizen
Username: Wbg69
Post Number: 581
Registered: 6-2002
| | Posted on Wednesday, November 12, 2003 - 4:45 pm: |
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deed does = ownership. but each name on the deed owns an UNDIVIDED share of the property. you can act independently in mortgaging that UNDIVIDED SHARE, as your friend's husband did.
your friend may be protected, though, by the nature of the ownership: is the deed held by her + husband as tenants by the entirety, or as joint tenants with rights of survivorship? if so, then the mortgagee (who holds a mortgage against husband only) may NOT foreclose that mortgage unless and until the husband becomes the sole owner.
if the deed is held simply as joint tenants, this protection MAY not exist --- but have a RE lawyer look at the documents and opine. |
greeneyes
Citizen
Username: Greeneyes
Post Number: 414
Registered: 8-2001
| | Posted on Wednesday, November 12, 2003 - 4:56 pm: |
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Thanks 1-2. I knew someone on this board would know something about this issue. |
1-2many
Citizen
Username: Wbg69
Post Number: 582
Registered: 6-2002
| | Posted on Wednesday, November 12, 2003 - 4:59 pm: |
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unfortunately, I think I have to qualify all this by saying, my information is not intended to provide a definitive legal opinion. for that, please have the documents themselves reviewed by an attorney. a title search may also be a good idea. |
greeneyes
Citizen
Username: Greeneyes
Post Number: 415
Registered: 8-2001
| | Posted on Wednesday, November 12, 2003 - 5:02 pm: |
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Oh, absolutely. Your advice is more than I could give my friend earlier and that is greatly appreciated. |
steel
Citizen
Username: Steel
Post Number: 398
Registered: 2-2002
| | Posted on Thursday, November 13, 2003 - 9:04 am: |
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Greeneyes, be advised also, (as I have recently understand through a relative's experience) that
if only one party on a deed wishes the property to be sold then the property shall be sold,
(even against the others wishes), and the assets divided. |
kevin
Citizen
Username: Kevin
Post Number: 116
Registered: 2-2002
| | Posted on Thursday, November 13, 2003 - 9:33 am: |
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I believe that the proper legal term for this:
"one party on a deed wishes the property to be sold then the property shall be sold,(even against the others wishes), and the assets divided"
is called a "partition action".
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1-2many
Citizen
Username: Wbg69
Post Number: 584
Registered: 6-2002
| | Posted on Thursday, November 13, 2003 - 9:37 am: |
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we're getting into subtle nuances that really call for a bona fide legal analysis of the deed in question. don't panic just yet; see a RE atty. another recent thread on this board recommended several. |
Jackie Day
Citizen
Username: Zoesky1
Post Number: 185
Registered: 6-2003
| | Posted on Thursday, November 13, 2003 - 1:25 pm: |
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Greeneyes, I just got divorced and went through all that stuff re deeds, mortgages,etc. My house was in both names, and it certainly does help if that's the case. However, when it comes to dividing up assets, the lawyers will look at equitable distribution whether or not it's in both names. Real estate falls under the equitable distribution header -- meaning it is to be divided in some cases (certain things like inheritances do not fall under equitable distribution, but a good lawyer -- like I had -- can still squeeze the ex-spouse and get some of it). I don't think your friend need worry TOO much as long as she has a smart lawyer. |
kellybean
Citizen
Username: Kellybean
Post Number: 31
Registered: 2-2003
| | Posted on Saturday, November 15, 2003 - 8:27 am: |
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We just bought a house here and I was unemployed at the time so the deed is is our name but ny husband holds the mortgage.
Kelly |
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