California Mortgage Deed
Description
How to fill out Mortgage Deed?
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FAQ
If real property is utilized to secure a loan, it is usually achieved by executing a mortgage or, in California, a Deed of Trust. A mortgage is a document that allows the creditor, who is unpaid, to proceed to court to force the sale of the property to pay off the debt.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die.
Yes, you can put your spouse on the title without putting them on the mortgage. This would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.
While the mortgage debt survives the deceased person, the responsibility for paying it back doesn't automatically transfer to anyone other than a surviving spouse in a community property state, again unless there is a co-signer.
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
The name was on the deed before you took out the mortgage. You own the house to the extent that your name appears on its deed. Because you did not transfer your interest to the bank, the bank cannot foreclose. As a result, you still own a share of the home.
You'll find most California property deeds at the County Clerk's office, also called the Registrar/Recorder office. Some of them provide online searches. Others require visiting their offices. For example, the San Diego County Clerk's Office provides online searches.
Who's going to get the house? Well, it's kind of a trick question because it doesn't matter. It doesn't matter whose name is on the deed or whose name is on the mortgage. Nine times out of 10 what matters is when the house was purchased and with what type of funds it was purchased.
