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Please add 6 and 4 and type the answer here:
Mortgage Rates
30 Yr FRM 4.83% -0.08%
15 Yr FRM 4.32% -0.04%
1 Yr ARM 4.35% -0.11%
5/1 Yr ARM 4.25% -0.04%
30 YR Tres 4.28% -0.02%
Fed Prime 3.25% 0.00%
Q: 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?
  • 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.


    Answer Submitted on Fri, Apr 11 2008

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    Answer Contributed by: Juan Boldizsar
    Juan Boldizsar
    Pan American Mortgage, LLC
    Chicago: (312) 823-0703 -- Metro East (618)767-6682
    jboldizsar@panamlending.com
    www.juanboldizsar.com

    Need to close fast? We're closing FHA purchase loans in 15 days or less
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