Deed to the house

[JanetRose]

Do you get the deed to the house only after you pay it off? Thanks.

 

[Geoff_M]

No, you get the deed when you purchase the home. The mortgage holder only places a lien on the property until the mortgage is satisfied.

 

[MizTink]

so what exactly does that mean? i'm getting ready for a divorce and my name is on the deed, but not the mortgage. i haven't lived in the house for years and soon to be ex has borrowed sooo much money against it that he owes WAY more than it's worth. like probably a little over $100,000 more than it's worth. i don't want to be screwed by his debt, but i will use my name being on the deed to my advantage if at all possible!
op, sorry for highjacking this thread!!

 

[Geoff_M]

A lien is a legal claim on the property that will prevent sale of the property without the approval of the lien holder. This prevents you from selling the collateral and then skipping out with the money. Regardless of whose name is on what, if the property was properly put up as collateral for the mortgage and/or other loans, then you cannot sell the home without getting the lien holders' approval (and of course they get paid first from the proceeds). However, the judge in your divorce case will probably be the one to determine who's ultimately responsible for what.

 

[tvguy]

No, you get the deed when you purchase the home. The mortgage holder only places a lien on the property until the mortgage is satisfied.

Maybe it's different in California. I didn't get my deed until my mortgage was paid off. Lender signed off on it, forwarded to the county registar,and we got the deed in the mail....just like a car title when you pay off a car.

 

[manning]

The deed serves only one purpose and that is to convey property. It is used to record your ownership at the recorder's office. Once that is done it is meaningless. The important piece of paper then is the title.

As matter of fact you can give a number of people deeds to your property. The first person to show up and records it is considered the owner in the eye of the law.....then the law suits begin.

 

[BriarfoxinWA]

so what exactly does that mean? i'm getting ready for a divorce and my name is on the deed, but not the mortgage. i haven't lived in the house for years and soon to be ex has borrowed sooo much money against it that he owes WAY more than it's worth. like probably a little over $100,000 more than it's worth. i don't want to be screwed by his debt, but i will use my name being on the deed to my advantage if at all possible!
op, sorry for highjacking this thread!!

I would talk to your lawyer. The Bank has a real problem if they filed a mortgage on the property and you were not included in signing the loan. At the least you should have been required to pledge your interest in the house for your ex's loan. If you didn't then a good attorney may be able to get some amount of money out of the sale of the house for you. Technically you still own 50% and if you didn't sign the on the loan I would think you could still get paid at the time of sale for your half.

 

[Geoff_M]

Maybe it's different in California. I didn't get my deed until my mortgage was paid off. Lender signed off on it, forwarded to the county registar,and we got the deed in the mail....just like a car title when you pay off a car.

It may very well vary by state. We also get the title to our cars after purchase instead of after pay off. Just to be sure, I just checked and we have the deed to our home as well as the title to our newest car.

 

[Tink888]

Do you get the deed to the house only after you pay it off? Thanks.

No, the deed transfers ownership of the property. Once someone conveys the property to you, you own it. The deed is recorded with the Recorder of Deeds Office in the county the property is located in. Once recorded, the original deed should be sent to the owner of the property, however not having the original deed in your possession does not affect your ownership.

The bank doesn't own the house per say, they hold a lien against it and if the owner fails to make payments, the mortgage holder can take the property. Once you pay off a mortgage, you receive (in most states) what is called a Satisfaction of Mortgage or Release of Mortgage. This is also recorded with the Recorder of Deeds Office and is the owner's proof that the mortgage has been paid.

so what exactly does that mean? i'm getting ready for a divorce and my name is on the deed, but not the mortgage. i haven't lived in the house for years and soon to be ex has borrowed sooo much money against it that he owes WAY more than it's worth. like probably a little over $100,000 more than it's worth. i don't want to be screwed by his debt, but i will use my name being on the deed to my advantage if at all possible!
op, sorry for highjacking this thread!!

If your name is on the deed, you have a vested interest in the property. Your ex cannot transfer the property without you signing off on the deed and if/when the property is sold, you may be entitle d to a portion of the proceeds. There are some states in which a spouse's signature is not required when the other spouse obtains a mortgage on the property. I would speak to your lawyer.

Maybe it's different in California. I didn't get my deed until my mortgage was paid off. Lender signed off on it, forwarded to the county registar,and we got the deed in the mail....just like a car title when you pay off a car.

Are you sure you are thinking of the deed which conveyed title to the property to you or just the deed of trust which (in CA and WA) is similar to the mortgage in other states?

 

[manning]

More on deeds

http://www.nolo.com/legal-encyclopedia/faqEditorial-29119.html