 |
| 30 Yr Fix |
6.10% |
0.01% |
| 15 Yr Fix |
5.78% |
0.01% |
| 1 Yr ARM |
5.12% |
-0.04% |
| 5/1 ARM |
6.00% |
-0.02% |
| 30 Yr Tres |
4.31% |
0.15% |
| Fed Prime |
5.00% |
-0.25% |
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| If someone is paying the mortgage on a property but is not on the loan or the title, do they have any legal rights to the property?
- [Answer this
question]
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Paying the Mortgage But Not on the Deed or Loan
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If you are the person who isn't on title, isn't on the mortgage and is making payments on the house, the best answer I can give you is "see a lawyer." Beyond that, the answer is, probably not. Unless there is some kind of written agreement with the person who owns the property which grants a security interest in the property in exchange for the monies lent, this would likely be considered an unsecured debt -- if can be proven that there is some kind of debtor-creditor relationship in the first place.
Since you're asking whether the person making the payments has any legal rights in the property, it sounds like that person has made quite a few payments amounting to a large sum of money. That being the case, your question wonderfully illustrates why anyone engages in a transaction like the one you describe and who expects to be repaid should seek the advice of an attorney.
NEW! - Rate This: 9.33/10 (3 votes
cast)
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| Contributed
By:
Juan Boldizsar
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4/11/2008
Sr. Mortgage Banker, Pan American Mortgage, LLC. Over 7 years experience with FHA loans! FHA STREAMLINE K REHAB LOANS AVAILABLE IN IL, IN, MI, MO, GA, FL, KY, IA, AL, & MS.
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Question Status: Open For Answering | Submit Answer |
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