What are the risks of having mortgage under my name while not being on title?
A family member asked me to refinance their mortgage under my name 3 years ago since they had a bankruptcy and were unable to qualify for any loans. The title was changed so that I was added on it. I recently checked and saw that they have removed me from the title. I asked them to refinance it out of my name but they said their credit is still too poor and they can’t qualify. What happens if I remain on the loan and not the title? This person has also lost their job so I am scared if they miss any payments. If God forbid something happens to them would I be first in line to at least get the house considering both the first and 2nd mortgages are under my name? I’m so frustrated, don’t want either loan under my name (for $ 820,000).
Mark M I don’t understand why you say they messed up and I shouldn’t be on the title?? Also the bank is not on title of course, only the family member is (why would they gift their property to a bank and put them on the title?) It was me and the family and now the public records show I am no longer on it. I am wondering if they snuck in the paper to remove me to sign when I was signing the loan documents.