Q: Home Deeded in one name and Mortgaged in another.
I recently discovered my single dad, whom has a mortgage, deeded the house to me and his name is no longer on the deed. He is still paying the mortgage. If he defaults on his loan can the bank foreclose on the house, or will any of this ruin my credit in any way? Would he be able to refinance or sell? He is older and I am also the executor of his estate as well inherit everything according to his will. Could this be an issue after he passes?
A: You have taken title subject to the mortgage. It is his debt as the notemaker, but the real property stands as secured collateral. The lender can always foreclose if the note is not paid or other terms are not met. It is not your debt.
Teri A. Walter agrees with this answer
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
