Is it a big deal not to have your name on a mortgage, but yet on the title?

Answer by  worker2746 (2434)

No - it means you own the piece of real estate, but are not financially obliged to owe anything to the lender.

Answer by  withluck (1745)

While both papers are important, the title is the instrument that shows ownership of the property. A mortgage is the note that states that amount and conditions and responsible parties for the loan on the property. Different states treat these documents differently as far as ownership and liablity.

Answer by  tamarawilhite (17883)

If your name is on the title but not the mortgage, you co-own the home but are not liable for the debt. If your name is on the mortgage but not the title, you are legally liable for the debt but have no ownership in the home.

Answer by  heather88 (1897)

I think you need it on both, to be safe. You need to consult a lawyer to know for sure.