Being a co-borrower on a mortgage.

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Being a co-borrower on a mortgage.

If you are listed as the co-borrower on a mortgage and you and the borrower
split, could the borrower take the house? Or would it be split?

Asked on April 26, 2018 under Real Estate Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Mortgages are not ownership: being on a mortgage does not by itself give you any right to the home or property--it just obligates you to pay. 
Whomever is on the deed or title is an owner. All owners have equal rights to the property. Neither could take it from the other, but if they can't agree as to what to do with the property, one of them could bring a legal action in court (commonly called an action "for partition," though your state may have a different name for it) seeking a court order that the house be sold and the proceeds (after paying the cost of the legal action, the cost of the sale, and paying off any mortgage[s]) be divided between the owners.
If you are only on the mortgage, not the deed or title, you have no right to the home.


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