If your name is on the mortgage, but not the deed, this means that you are not an owner of the home. Rather, you are simply a co-signer on the mortgage. Because your name is on the mortgage, you are obligated to pay the payments on the loan just as the individual who owns the home.

Can I buy a house if my husband has a foreclosure?

It’s generally the case in foreclosures that only the borrower’s credit is negatively affected. A spouse whose name isn’t on the loan may be able to obtain a home loan on her own. In other words, only those people who sign for loans or otherwise guarantee them are held responsible in these cases.

What does it mean if I am on the mortgage but not the deed?

If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It’s the deed that passes real estate ownership from one entity to another.

What happens when spouse stops paying mortgage?

If your partner missed only one payment, things would continue with a late fee added to the next bill. If your partner opts for the loan modification, the lender can add late or missed payments and any fees to the total loan. In a short sale, he/she will sell the house for less than they owe.

Can a spouse be foreclosed on if they don’t sign the deed?

In a state where each spouse’s property, earnings and debt belong to that spouse alone, a lender generally can’t collect mortgage payments from a spouse who didn’t sign the lending documents. But it’s less clear whether the lender can foreclose on the property for default.

Do you have to have both spouses on your mortgage?

Married couples buying a house — or refinancing their current home — do not have to include both spouses on the mortgage. In fact, sometimes having both spouses on a home loan application causes mortgage problems.

When to put your wife on the deed?

Rights of a Wife When on the Home’s Deed but Not the Home Insurance or Mortgage. It’s common to add a spouse to a home’s deed once the wedding bells have sounded. However, it’s equally common to …

Can a property be foreclosed on if two people are on it?

You are not protected from foreclosure if the names on your property deed and your mortgage do not match. In fact, if your mortgage lender did not give you express permission for the names to differ on these documents, you may be in greater danger of foreclosure than you think.