In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.
She passed away in August of that year, and her daughter went to live with her boyfriend's parents afterward. My father has been paying on the house each month ever since. My father does not live in the house -- nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.
The problem is, while he's been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he's not on the loan, his money has not built any equity for him and it'll be problematic pursuing any type of refinance. He's stubborn to foreclose or cut his ties to the house because he doesn't understand his options.
My dad lives in an apartment with rent half the payment of the house. He has good credit and would've never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.
If you're familiar with property law, is there any insight you could provide on this situation?
I would really like to see this situation resolved somehow -- my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he'd be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.
Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
It's way to complicated for Answers. You need to see an expert on this. There's way too much at stake to put off seeing an expert.
Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
Your dad need to see an attorney.
Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
your dad is under no obligation legally or financially to pay for this property. yes u can be on the deed and not on the mortgage as it so exists in this case. from what u have written both he and his niece your cousin now have a share of the property depending on how the deed was written and what the aunts will says. first step take the deed and the will to a competent attorney who will advise on who owns the property. get the aunts name off the deed as deceased, and either refi the property, sell it, or get it rented out. be sure to have your cousin sign a legal document agreeing to what ever you all decide. some money coming in has got to be better than none if u cant sell it. there is no logical reason for your dad to bear the financial burden by himself and if worse case scenario exists let the house go if u have to or the cousin doesnt cooperate. it will not effect dads' credit.
Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
You have two separate items: the mortgage note and a deed. If your dad never signed a note for the mortgage he is not responsible for it. The note is recorded on the deed, so for example he would not be able to sell the property with out paying off the note. People prepare quit claim deeds all of the time for estate planning purposes, it has nothing to do with the loan.
If there is no equity in the home then there is no point in making the payments, because when the home is sold he will not get reimbursed for the expenses.
If he is totally against foreclosure and wants to try to do the right thing (in his mind), he can try renting the townhouse until equity is built up or your real estate market appreciates more.
I am sure your aunts intention for deeding the property was to avoid probate, and this was probably supposed to be an inheritance not a financial burden. He needs to know he tried his best, but now it is time to let it go.
Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
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Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?
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