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I am buying a house with my mom and my sister but we only want my mom's name on the deed. Does anyone know if this is possible? I am hearing mixed answers on this situation so I was wondering if someone on this board has any first hand knowledge regarding this? Thanks
Depends on the loan type. Some loans might allow it, others might not.
But in general, the lender wants to protect themselves. So they are going to want all names on the deed to be on the loan, but not necessarily vice versa. By being on the loan but not on the deed, you have all of the obligation with none of the rights. Most lenders aren't going to have a problem with that.
Worst case scenario, you can all be on the deed, and then 1 day after closing, sign a quit claim deed deeding the house from the 3 of you to just your mom. Voila, job accomplished.
Whether this is a good decision is an entirely different question, and I agree you should talk to an estate planner.
For the most part, anyone can go on title, but if you are on the loan, most places will require you to be on title. How else could you pledge the home as collateral?
For the most part, anyone can go on title, but if you are on the loan, most places will require you to be on title. How else could you pledge the home as collateral?
Exactly this! If you are on the loan you must be also listed on the title.
For the most part, anyone can go on title, but if you are on the loan, most places will require you to be on title. How else could you pledge the home as collateral?
That sounds backwards. In your experience, have you never had co-signers to a loan who weren't the actual homeowners? It would seem that as long as everyone who has a legal interest in the house signs on to the mortgage, the lender has fully secured the house as collateral. Co-signers are added "security".
You would be liable for the loan but have no ownership interest in the property. That's a recipe for trouble.
^^^This. No idea why anyone would every be on a loan and not on the deed. The other people involved can default and the mortgage company can come after you....meanwhile you own nothing!
For the most part, anyone can go on title, but if you are on the loan, most places will require you to be on title. How else could you pledge the home as collateral?
SmartMoney is correct!!!
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