Financing in Massachusetts>Question Details

Julie, Other/Just Looking in Massachusetts

My name is on the deed of a house and so is someone else's, but my name is NOT on the morg.

Asked by Julie, Massachusetts Wed Jan 9, 2008

Would I be notied if someone refin on my house if my name is not on the morg, but my name is on the deed of the house. Can it be done without me knowing? If the house was refin and there was a co-signer added, would that persons name be added to the deed???

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4
I am shocked at some of the answers. I am addressing this to the REALTORS in the room.

Think back to all of your closing where only one spouse (typically the wife because we men just hate to pay our bills on time) has enough credit to qualify for the loan. The (husband) has to sign a document (Mortgage) that when recorded lets the public know he is aware of the note on the property.

Now if one were to refinance, using traditional means, then the same would apply. In some cases, a private lender will hold a small note and not record it, but that is not as likely to happen these days.

I am certainly glad that Brian opnied on this answer, because there is bad info out there.

Please don't be ofended by my response, but please...PLEASE pay close attention at your closings.

Gary
0 votes Thank Flag Link Tue Feb 12, 2008
As a lawyer,

If you are on the deed of the house, you would have to sign off on any mortgages put on the property. You would not have to sign any Notes. Therefore, at a closing, you would have to sign the mortgage only (maybe a few other docs).

You sign the actual mortgage of the property because you have a 1/2 interest in the house. They need you to sign because if you don't, and then the house went into foreclosure, they would not be able to foreclose on your 1/2 interest in the house.

If someone refinances and you don't sign a mortgage, then they have only mortgaged that other person's 1/2 interest in the property. Bad for the bank! If it ever went into foreclosure, they would not be able to sell the property to satisfy thier debt, as your 1/2 interest is not mortgaged.

The long and short of it is, you would have to sign any mortgages, but not any financing documents such as notes, which affect your credit.

Brian
0 votes Thank Flag Link Tue Feb 12, 2008
Check with a real estate lawyer. I'm not a lawyer, so this isn't legal advice.

If you're not on the mortgage, I'm not sure you'd be notified. However, there probably are instances--state by state--in which partners or husband and wife both might be required to be notified, even if both aren't on the deed. Again, I'm not sure; you have to check.

As for a co-signer being added to the deed--again, I'm not a lawyer--but the deed and the mortgage are two different items. However, it depends on how the property is held--tenants in common versus tenants in the entirety, for instance. With tenants in common, the other person could sell or assign his interest in the property to someone else. So, and I'm just guessing here, if your ex-hubby is interested in refinancing the property and pulling some money out and his current wife/partner is going to be co-signing, it could get very complicated. So...as already said...check with a good real estate lawyer.
0 votes Thank Flag Link Wed Jan 9, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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They should not be able to get a mortgage without you being aware of it. Although you are not on the note you should be on the mortgage. The bank would require it if yo are on the deed. The mortgage is what gives the bank the ability to foreclose. If you are on the dded you should be on the mortgage.

Having said that I would not be suprised if it was overlooked. You can check the registry of deeds for mortgages.
0 votes Thank Flag Link Wed Jan 9, 2008
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