Legal Question in Real Estate Law in Maryland
Name only on deed not mortgage
A friend asked us (married couple) to be added on their deed in case something happened to them - we agreed. The house is now in foreclosure and we are recieving property taxes, front foot benefit bills, etc.
What obligations do we have to paying these bills; can we get out of this without it destroying our credit or costing us an arm and a leg?
1 Answer from Attorneys
Re: Name only on deed not mortgage
You have no obligation to pay the mortgage and a foreclosure by the lender shouldn't affect your credit, since you weren't a loan signatory. As for the property taxes, presumably you have no interest in the property, since you have no investment in it. The purchaser at foreclosure--probably the lender-- will end up having to pay the back property taxes to clear that off the title. Hopefully this won't show up on your credit record, but you should check it periodically.
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