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wondering ?? · Aug 14, 2011, 07:31 PM

My name on mortgage loan but not on title? Can mortgage company foreclose on title if my name is not on title?

LisaB4657 · Aug 14, 2011, 08:58 PM

Possibly. You have to give us more information. Whose names are on the mortgage note? Whose names are on the mortgage? Whose names are on the title? What are the relationships?

ebaines · Aug 15, 2011, 09:52 AM

If none of the owners of the property are on the loan, then no - the bank can't use the property as collateral. Which means the loan really isn't a mortgage but rather is a personal loan. It also means that whomever is paying the loan is not allowed to deduct the interest from their income taxes.

Of course it's possible to have a co-signer (non-owner) on the mortgage, along with the property owners. But depending how the property is titled either one or all of the owner's have to be on the mortgage.

LisaB4657 · Aug 15, 2011, 10:04 AM

Originally Posted by ebaines

If none of the owners of the property are on the loan, then no - the bank can't use the property as collateral. Which means the loan really isn't a mortgage but rather is a personal loan. It also means that whomever is paying the loan is not allowed to deduct the interest from their income taxes.

However if any of the prior owners had signed the note and mortgage, and if the property was transferred without the note having been paid in full and the mortgage cancelled, then the lender can continue to use the property as collateral and enforce its right to foreclose. That's why we need so much more info in order to answer this question.

Fr_Chuck · Aug 15, 2011, 10:09 AM

Agreed, not really enough information, One has to explain how the name or names on the loan are not on the deed ( title)

Were they are one time, was something done ?

Was there a fraud then to represent ownership to get a loan ? Was there a change in ownership without notification of the lien holder ?

wondering ?? · Aug 15, 2011, 07:23 PM

I have been in home since 1996. In 2004 I sold home to 3rd party to protect in possible civil suit. Title was tranferred to that party. Two years (2006) later I purchased said property back. Refinanced in 2006, and 2007. I have paid in full statements for 2006 purchase and 2006 refinance. Mortgage company from 2007 now is stating that name of title is in the party from 2004. Mortgage is in my name only. Where do I stand in this mess?

LisaB4657 · Aug 15, 2011, 07:38 PM

When you purchased the property in 2006 you should have received a deed and had it recorded. Also, when you refinanced in 2006 and 2007 the lender should have required a title search and title insurance policy.

Do you have your title insurance policy? Dig it out and take a look. It should list you as being the record owner of the property. Contact the tax assessor and ask who they show as the record owner.

If the tax assessor says that the other party (from 2004) is the record owner then you're going to have to contact your title insurance company to get to the bottom of this.

wondering ?? · Aug 15, 2011, 08:31 PM

Can the current mortgage company foreclose? That is my first question. I am behind in payments for 1 year

LisaB4657 · Aug 15, 2011, 08:44 PM

If you're the current record owner then yes, they can begin foreclosure proceedings. If you're not the record owner then it will be a big mess but eventually it will be cleared up, because when you did the refinance the lender also received a title insurance policy. The title company will clean up the mess.