Q: If my name is on the deed and not on the mortgage and I financially responsible for the property
Property is deeded tenants in common with rights of survivorship
A: You’re not personally liable but if the mortgage isn’t paid you will lose the house nonetheless.
A:
First of all, it can’t be “tenants in common with rights of survivorship.” It can be “joint tenants with rights of survivorship” or “tenants in common without rights of survivorship.”
Second, financial responsibility is determined by whoever signed the Note, not the Mortgage. Therefore, if you did not sign the Note, you have no financial responsibility. However, even if you have no responsibility, if there is a valid Mortgage against the property, if the Note is not paid, there could be a foreclosure on the Mortgage and you could lose the property, whether or not you signed the Note and Mortgage.
You would need to consult with a lawyer to determine if the Mortgage is valid. Unless the Mortgage was placed against the property before you were added to the deed, it is of questionable validity if you did not sign it.
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