Can you be on the title of a property but not on the loan?

Question

Lets say "Dan & Mary" are getting a house "Dan" takes out the loan, can BOTH be on the title? If so if they decide to sell the house who gets the equity? Both on the title? Any other details would be great.

Answer 1

Yes.  I am in the process of buying and I am the only person on the loan, however, my husband and I will both be on the title.

Answer 2

Dan takes out the loan.  The mortgage company insists that Dan be the only person on title.  One day later , Dan takes Mary down to the County Recorders Office and pays $10.  Mary is now on the title.  When the house is sold , the check for the proceeds is made out to Dan and Mary. Neither can cash the check without the other's signature./

Answer 3

They can definitely both be on the title, but Dan will have to qualify for the mortgage by himself. The manner in which they are on the title will determine who gets what when the home is sold.  

Answer 4

Yes, they can both be on title.  I have never worked for a mortgage company when I was an underwriter where the bank would not permit someone to go on title....the bank doesn't care b/c it doesn't change the banks lien or legal rights one iota.

So, if "Dan" is on the loan, he can have himself as well as 20 other people on title if he wishes...mortgage company still has the lien, so they don't care.  They can still foreclose if "Dan" doesn't pay.

When it sells, whoever is on title will each receive an equal portion of the proceeds.  

However, one also cannot sell the property or refinance it without the signature of the other.

Answer 5

Yes, you can.

My wife and I recently bought a house, and both our names are on the title. We only reported my income to the mortgage company so that we could qualify for some state-based loan programs. Thus, only my credit report was pulled and only my name was initially put on the loan paperwork. We added her name to the loan after closing so that she would also have access to the escrow and mortgage account.

Both names on the title legally own the property and build equity together, but only the names on the loan are liable if the mortgage defaults.