Does a Person Whose Name is on the Deed Need to Also Be on the Mortgage?
Full Question:
We are in the process of purchasing a home with my father in law. He is putting down the down pmt. and we are applying for the rest of the loan. Can he be put on the deed of the house without being put on the loan?
05/13/2010 |
Category: Real Property ยป Sales |
State: California |
#22101
Answer:
If a person’s name is on the deed, the bank will likely require that it be on the mortgage. However, a person does not typically have to be on the "Note" which is the promise to pay back the money borrowed to buy the house. The "mortgage" gives the bank (from which you take your loan to buy the house) the right to come after the house if the loan is not paid. All owners of the property will probably be required by the lender to be on the mortgage.