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On the deed but not on the mortgage (1 viewing) (1) Guest
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TOPIC: On the deed but not on the mortgage
#7371
wwalla (User)
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On the deed but not on the mortgage 7 Years, 4 Months ago Karma: 0  
My sister and I are on the deed to my mother's house, but only my mother is on the mortgage to the house. If something happens to my mom and she cant make the payments on the mortgage, then can the mortgage company come after my sister and I for the mortgage payments? If we are not on the mortgage, can the mortgage company come after us because we are on the deed as co-owners?
 
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LK311 (User)
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Re:On the deed but not on the mortgage 7 Years, 4 Months ago Karma: 0  
The mortage company can only go after you if you signed personally on the mortgage. Since your mother signed personally, the mortagge company can only go after her and her assets, assuming that she signed personally on the mortgage, which most people are required to do when they get a mortgage.

Its likely that if something happens to your mother, the mortgage company will likely ask for the other owners named on the deed to sign personally on the mortgage. Of course you dont have to sign on the mortgage, but if you dont and the mortgage company gets unconfortable, they can always foreclose on the mortgage.

Its just something to consider.
 
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