Texas Mortgage Deed
Description
How to fill out Mortgage Deed?
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FAQ
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.
In Texas, the seller signs the deed over to you in front of a notary public and the deed is then filed in the county clerk's office so that the transfer of property is officially recorded. At this point, the trustee holds the physical deed, you hold equitable title and the lender holds the legal title.
A mortgage is a loan extended to someone in order to purchase a property. A mortgage deed is a legally binding document outlining the terms of a mortgage that puts a lien on the house until the lender repays the loan in full.
Although a Deed of Trust is similar to a Mortgage, which is used in other states, it is not a Mortgage. Good to know: Texas does not use mortgages. Instead, Texas uses Deeds of Trust. The document is referred to as a Deed of Trust because there is a Trustee named for the property.
Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system. Deeds of trust use a non-judicial foreclosure process. Length of time to foreclose: Mortgage foreclosures usually take significantly longer than non-judicial foreclosures with a deed of trust.
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.
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.
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.
