Full question:
My husband and I have lived in our home for 26 years. We refinanced three years ago using only his financial info so the mortgage is in his name, even though on one page both of our names were listed as borrowers, does that mean that the property is now deeded in his name only or would the original deed from 26 years ago still exist? Thank you.
- Category: Real Property
- Date:
- State: Pennsylvania
Answer:
A deed, whether a warranty or quitclaim deed, conveys ownership of a property. A mortgage, however, creates a lien on the property for the lender but does not transfer ownership. The mortgage is signed by the borrowers to secure repayment of a loan. If the loan is not repaid, the lender can foreclose on the property, but they do not gain ownership unless they enforce the mortgage terms.
The names on the mortgage indicate who is responsible for repaying the loan and may differ from the names on the title deed. Therefore, even if the mortgage is in your husband's name, it does not automatically mean the property is deeded solely in his name. The original deed from 26 years ago likely still exists unless it has been changed through a new deed.
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