Legal Question in Real Estate Law in Connecticut
what are mry rights if im not on the mortfage, but my name is placed on the deed?
Asked on 3/30/12, 6:43 pm
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
If your name is on the deed, but not on the mortgage note, then you are an owner of the property but not responsible for paying the mortgage note (although your ownership of the property is subject to the mortgage). What that means is if the mortgage is not getting paid, the bank can foreclose on the entire property, including your portion, but if the property sold for less than was owed to the bank at the foreclosure sale the bank could not come after you for the shortfall.
Answered on 4/03/12, 10:51 am