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Do I have to pay mortgage loan not in my name?

Yerington, NV |
Filed under: Debt Mortgage debt

my husband & I Jointly own our house. Mortgage was in his name only. My husband is deceased and there is no will. The deed is now only in my name.

Attorney Answers 2

  1. The mortgage loan includes a lien on the property. If the mortgage is not paid, the lender can foreclose even though the loan is not in your name and only your name is on title.

    The advantage you have by being on title but not on the loan is that your credit will not be affected if the mortgage goes into default and you may avoid deficiency liability if the house is underwater and the lender files suit post foreclosure. But, the fact that your name is not on the loan does not stop the lender from asserting their lien rights against the property and foreclosing.

  2. Sorry to hear about your loss. If you want to keep the house, you need to make the mortgage payments, because the bank has a lien on the house via the deed of trust your husband signed when he was obtaining the loan. The deed of trust is the instrument that allows the bank to foreclose if the mortgage is not paid regardless of who is on the title of the property.

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