Ask Experts Questions for FREE Help !
Ask
    mortgage01's Avatar
    mortgage01 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 4, 2011, 08:22 AM
    name on mortgage but not on title
    Wells Fargo currently holds the note on my property and home That my wife and I purchased in 2007. The title to the home was was never transferred, it still remains in the previous owners name.This couple has since divorced.The property was only in his name and he transferred ownership to me. Does this not invalidate my contractual agreement to faithfully pay for my home? Could I not request Wells Fargo to come get the home, subtract the replacement value of the home from the loan total, and then refinance that amount?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Nov 7, 2011, 01:25 PM
    This is a bit confused. On one hand you say "title to the home was was never transferred, it still remains in the previous owners name." But then you say "he transferred ownership to me." So first: do you have the deed to the property, and has it been properly recorded with the county or municipality? If so, did this occur when you got the mortgage (i.e. at closing on the property purchadse)? If not, how did you get Wells Fargo to loan you the money, because the owner must sign on any mortgage loan agreement? If you could clarify what has transpired it would be helpful.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Nov 7, 2011, 04:28 PM
    Quote Originally Posted by ebaines View Post
    If not, how did you get Wells Fargo to loan you the money, because the owner must sign on any mortgage loan agreement? If you could clarify what has transpired it would be helpful.
    I have to wonder the same thing. I can't imagine a bank as large as WF conducting a closing (and the mortgage lender does conduct the closing) and not transferring title. What happened at the closing?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Title mortgage [ 1 Answers ]

My father is needing a title mortgage, is a title a warranty deed?

On Title but not on Mortgage - Refinancing. [ 1 Answers ]

Hi , Myself and my wife own a house in VA for the past 5 years. We both are on the title. Current loan is on my name only and my wife is not there on the loan. I am planning to refinance and keep it only on my name. My wife will be out of country for some time. Is there any signature I need...

On Title but NOT on Mortgage - Florida [ 2 Answers ]

I am on the Title to a condo in Florida as Right of Survivorship but NOT on the Mortgage. I was put on the Title as a way for my Grandparent to guarantee me some sort of inheritance. The Power of Attorney for the Estate is allowing foreclosure on the condo, if this happens will this affect MY...

Name on Mortgage vs. Name on Title [ 1 Answers ]

We are getting ready to buy a house and because one of us has poor credit, the mortgage will only be in one of our names. In a case like this, is it possible to list both people on the title? Thanks

View more questions Search