Legal Question in Real Estate Law in Maryland

joint mortgage question

Currently only my name is on the deed to the house I share with my best friend. We plan on refinancing very soon. If my friends name is on the mortgage with mine when we get this loan together, but not on the deed - would the house still be safe from any attachments from creditors if they were unable to pay a hospital bill due to lack of medical insurance? Would the house not be considered an asset since the deed is in my name only even though the loan would have both our names? The original mortgage is in my name only also.


Asked on 2/02/09, 7:28 am

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: joint mortgage question

If your friend's name is not on the deed, and he incurs a judgment for an unpaid debt, your house would not be at risk. But you should check with a potential lender to see if they will require your friend's name to be on the deed as a condition of a refinance. If so, your property would be at risk for a judgment against either of you. The lender wouldn't gain any more security in the property by requiring your friend to be added as an owner on the deed, but they may require it anyway.

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Answered on 2/02/09, 1:39 pm


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