Ask Experts Questions for FREE Help !
Ask
    daisyroe80's Avatar
    daisyroe80 Posts: 2, Reputation: 1
    New Member
     
    #1

    Oct 5, 2014, 03:30 PM
    Mortgage vs. Deed
    My question is can my sister,brother-in law,and I get loan mortgage. But my name is the only one that can be on the deed to house
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Oct 5, 2014, 03:40 PM
    Probably not. Though it may be possible for the to cosign the mortgage if you can't qualify on your own. You need to talk to local lenders about it.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
     
    #3

    Oct 5, 2014, 03:41 PM
    It would be absolutely stupid for them to do so... assuming you would find a bank that would do it without their names being on the Deed as well. WHy would they want to be obligated to pay for something they don't share ownership in? It would really screw up their credit records with nothing in it for them. Meaning they would have a VERY hard time getting a loan for themselves when they have an obligation to that one.
    daisyroe80's Avatar
    daisyroe80 Posts: 2, Reputation: 1
    New Member
     
    #4

    Oct 5, 2014, 04:07 PM
    Background
    Quote Originally Posted by daisyroe80 View Post
    My question is can my sister,brother-in law,and I get loan mortgage. But my name is the only one that can be on the deed to house
    I can get the down payment but would not qualify for the loan

    And we'll move in together
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
     
    #5

    Oct 5, 2014, 05:17 PM
    Whoever your lender is will decide this. They own your house for the first several years, while you own the front steps (depending on how much you put down).

    Many people think that they can't be on a deed and are wrong about it, so if you want, tell us why this would be the way you 3 want it this way.

    If they want to move out someday, it's easy to change the names on the deed, and there is no transfer tax (just a small filing fee) as long as no money is changing hands.

    The ones not on the deed are utter fools. Here they are, beholden to a bank for 30 years of payments, with absolutely no property at all to show for it. Basically giving you a gift. Regardless of living with you... you could evict them a month after they move in, for non payment of rent, even if you all pay the mortgage!

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!

New wife on ex condo mortgage but not on the deed and he is not paying the mortgage [ 0 Answers ]

My new wife sign a any responsibility on a condo that they both owned. She is on the mortgage but not the deed. He has stopped paying on the condo. What can we do to protect her from bad credit.

NY SAHM should I be on house deed only or both mortgage and deed [ 1 Answers ]

My husband and I are trying to determine the advantages/ disadvantages of me being on deed and not mortgage in state of NY. My fear is that should something ever happen to him what rights do I have to the home? Would the loan as is be transferred to me or would I have to get a new loan in my name...

Mortgage in my mothers name but we pay the mortgage we want to add ourselves to deed [ 4 Answers ]

We refinanced with my mother we are not on the mortgage but we pay the mortgage she does not live here so we want to add our names to the deed she is very old now and we want to protect our interest!

Warranty deed versus mortgage deed [ 1 Answers ]

What deed is given when there is a mortgage on the property


View more questions Search