You probably haven’t aske yourself if someone. Can own the deed and not the mortgage, however, this can happen. This is a not very common situation, it is possible to do it only on certain occasions. The reality is that it involves some risks that need to be clear. Here we will tell you what it is about. Be the owner of the deed but not the mortgage loan Without a doubt, it is possible to be the owner of the mortgage without being the owner of the deed. When we talk about the deed of the home we are referring to the public document that certifies who is the owner of the property. On the other hand, the mortgage deed is the loan that was requeste to buy the home in question. In other words, the owner of the property and the holder of the mortgage are two different legal entities , therefore, they do not have to coincide in the same person.
In what cases can you be the owner of the deed and not the mortgage?
When a person purchases a home and applies for a mortgage to finance it, they become the owner of both deeds . This means that he will have the rights to the home, and is also oblige. To comply with the financial obligations that India Phone Number List were contracte. In this way, it does not seem possible to think that someone is the owner of the mortgage loan, but not of the home. It would imply that he only has the obligation to pay the mortgage payments. That is, he has a debt but does not own the property that was acquire with it. However, in some cases this situation may occur. Here is an example to understand it better, imagine that a couple in which one of the two owns the house and another takes care of the mortgage . This is not a very common case, however, it can occur if there is a business involve and the administrator is expecte to be free of financial burdens.
Points for and against being the holder of the mortgage and not being the owner of the home
As we mention above, the benefits of being the holder of a mortgage without being the. Owner of the property are linke to specific facts, causes and situations in which this operation may be convenient. Another example, if a buyer Portugal Phone Number List cannot obtain approval from the bank to access the mortgage. This may be because this person does not have. The level of solvency or because his or her credit history is not good. When this type of situation occurs, it is possible that finding a third party, a family member or friend, for example. To apply for the mortgage for you is a good solution . In other words, instead of guaranteeing the mortgage, you would directly become the owner. Although in practice it is the owner of the home who is responsible for paying. The mortgage installments, the person primarily obligat to satisfy the installments will be the one who ownership of the loan.
