Home Buying in 22201>Question Details

mariesredcat, Home Buyer in Arlington, VA

If you are named on a joint mortgage document are you legally bound to pay half of the mortgage?

Asked by mariesredcat, Arlington, VA Sat Feb 2, 2013

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Lenders don't accept half a mortgage payment. If you are on the mortgage, as I understand it (being a real estate agent rather than a loan officer), you are liable for the full mortgage payment. So be sure you are confident about the other party or parties on your mortgage.
0 votes Thank Flag Link Sun Feb 10, 2013
I will preface this answer by saying that I'm not an attorney and you should seek proper counsel as this sounds as if you may have a dispute, or you just may be seeking information before committing yourself to a mortgage with someone. That being said, if your name is on the loan documents, you are jointly responsible for the mortgage, period. The bank is holding all parties on the note responsible for making the payment in full and on time. If you need legal counsel, I can recommend an attorney.
0 votes Thank Flag Link Tue Feb 5, 2013
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