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Must be On Title to be On Loan; Must Refi to Get “Off” Loan

We sometimes have borrowers who want to be “on the loan,” but not “on title” (for tax reasons usually). This is impossible, however, as lenders require all borrowers qualifying for a loan to also be on title.

Conversely, we often have borrowers who want to be on title, but not on the loan, and that of course is allowed. Such buyers are referred to as “title only” buyers.

Finally, once a borrower is attached to or responsible for a loan, he remains responsible until that loan is paid off (usually with a refinance). Borrowers often mistakenly believe that they can simply deed off title and no longer be responsible for the corresponding mortgage.

Borrowers remain responsible for mortgages they sign for whether they remain on title or not.

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646