Home Buying in 46410>Question Details

Sydneyjd, Home Buyer in 46410

If applying for mortgage with two peoples names as mortgagees, can one person choose to be on the mortgage and the other not?

Asked by Sydneyjd, 46410 Fri Jan 8, 2010

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6
Not clear on the question, but depends on the situation, it is possible.
0 votes Thank Flag Link Sun Jan 10, 2010
simply put no, if a name is on the mortgage it must be on the deed as well. This protects the bank as well as the perosn who is signing the mortgage. Good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jan 9, 2010
I'm not exactly sure of the question, but I will try to address itthe best I can...

In Indiana, you have two separate documents. One gives you ownership of the property and the other says that you promise to repay the money you borrowed to purchase it to the bank and they can hold the house as collateral. The first is the deed, and the second is the promissary note or the mortgage.

If you both are applying for the mortgage together (and both qualify for it), you probably want to be on the deed. Why would you pledge to pay back money on something you have no ownership interest in?

If only one of you qualifies for the loan, you can both have an ownership interest. There, one of the two owns a house, but is not financially liable for it.

The exception to this is generally seen after a divorce. Both the parties are on the mortgage (and financially responsible), but only one has ownership in it per the divorce decree. If the party with ownership doesn't make the payments or the home goes into foreclosure, both parties can suffer the consequences.

I hope this answers your question. I'm not an attorney, but can refer you to one as needed. If there is something I can do to assist you further, you can visit my website and contact me from there.

Scott

PS. I am assuming you mean mortgagor, as the mortgagee is the bank or lender holding the mortgage. If I am wrong, it would obviously change the answer somewhat.
Web Reference: http://nwiloanguy.com
0 votes Thank Flag Link Fri Jan 8, 2010
I don't believe so, but what I can do is call the title company on Monday and ask them for sure. If this is something you would like me to do please e-mail me and I will do so on Monday.
Web Reference: http://www.GinaBombin.com
0 votes Thank Flag Link Fri Jan 8, 2010
I'm sorry, I made a mistake, I meant to ask if applying for mortgage with two peoples names as mortgagees, can one person choose to be on the title and the other not? Sorry for the typo...
0 votes Thank Flag Link Fri Jan 8, 2010
If I understand you correctly; if you need both incomes to qualify or credit scores then both of you have to be on the mortgage. If you don't need those things then no. If you have already started the process with both of you, then you will have to ask your lender if you can change it and if so how will it effect your closing date. I am not a lender, so your best advice would have to come from them. I will have a lender I work with answer you.
Web Reference: http://www.GinaBombin.com
0 votes Thank Flag Link Fri Jan 8, 2010
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