Tina9900 wrote: ↑Wed Sep 11, 2019 7:27 am
RobinSparkles wrote:Tina9900 wrote: ↑Wed Sep 11, 2019 7:23 am
But you're name can be on the deed but not the mortgage if you don't own the home.
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What do you mean? If your name is on the deed it means you are the/an owner. The deed always shows ownership.
This is according to Google
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
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You can be on the deed without being on the mortgage, that’s true, if your interest is paid for another way than by the mortgage. But if you are on the deed, you do have an ownership interest.
That might happen if, let’s say, you have an unmarried couple buying a home together. Partner A has a 50% of the sale price in cash for the down payment. Partner B needs a mortgage in his/her own name. So on the deed they might be A and B, 50% each as tenants in common (meaning their interests don’t automatically convey to each other on death, they retain 50% each), but only B is on the mortgage.
But you still cannot be on the mortgage (except in super rare circumstances) without being on the deed, because you need to have an ownership interest to cover the secured loan.