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Can a spouse sign a deed without the other spouse knowing it and the other spouse is on the mortgage?
Wiki User
∙ 12y ago
What you are suggesting may constitute fraud. Also, in some states one tenant by the entirety cannot transfer their sole interest by deed.
Keep in mind that mortgages contain a due on transfer clause. The lender has the right to demand payment in full upon any transfer of ownership. You would still be responsible for the mortgage even if you transferred your interest in the property.
You need to consult with an attorney before you act. The title problems you could cause may be costly to correct.
What you are suggesting may constitute fraud. Also, in some states one tenant by the entirety cannot transfer their sole interest by deed.
Keep in mind that mortgages contain a due on transfer clause. The lender has the right to demand payment in full upon any transfer of ownership. You would still be responsible for the mortgage even if you transferred your interest in the property.
You need to consult with an attorney before you act. The title problems you could cause may be costly to correct.
What you are suggesting may constitute fraud. Also, in some states one tenant by the entirety cannot transfer their sole interest by deed.
Keep in mind that mortgages contain a due on transfer clause. The lender has the right to demand payment in full upon any transfer of ownership. You would still be responsible for the mortgage even if you transferred your interest in the property.
You need to consult with an attorney before you act. The title problems you could cause may be costly to correct.
What you are suggesting may constitute fraud. Also, in some states one tenant by the entirety cannot transfer their sole interest by deed.
Keep in mind that mortgages contain a due on transfer clause. The lender has the right to demand payment in full upon any transfer of ownership. You would still be responsible for the mortgage even if you transferred your interest in the property.
You need to consult with an attorney before you act. The title problems you could cause may be costly to correct.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoWhat you are suggesting may constitute fraud. Also, in some states one tenant by the entirety cannot transfer their sole interest by deed.
Keep in mind that mortgages contain a due on transfer clause. The lender has the right to demand payment in full upon any transfer of ownership. You would still be responsible for the mortgage even if you transferred your interest in the property.
You need to consult with an attorney before you act. The title problems you could cause may be costly to correct.
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It is my understanding that if both are on the mortgage, you must refinance so that you are both not held liable for the balance. If still on the note the other person would not be able to qualify for another house, car, etc. without that being considered as part of their debt.
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Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
