Current Nevada Law: Subject to Verification
“Am I responsible for a house I don't own?” is not answerable from a general rule. If you signed as a borrower, your obligations to the lender are determined by the financing documents and applicable law. If you believe you also have an ownership interest that is not being reflected properly, that becomes a legal question for an attorney.
The opposite problem is just as confusing.
Someone discovers their name is on the mortgage loan but the current deed does not reflect ownership the way they expected.
Now they are asking:
“Am I responsible for a house I don't own?”
That is not a question Lisa should answer from a Google search or general rule.
The actual loan documents and title documents need to be reviewed.
If you signed as a borrower, your obligations to the lender are determined by the financing documents and applicable law.
If you believe you also have an ownership interest that is not being reflected properly, that becomes a legal question for an attorney.
This matters enormously after a breakup
This matters enormously after a breakup.
Imagine moving out of a house and thinking:
“It's his problem now.”
But your name remains on the loan.
If payments become delinquent, the lender does not necessarily care that the relationship ended.
That is why separating your personal life and your financial life require separate steps.
If the legally authorized owners decide to sell
If the legally authorized owner or owners decide to sell the property, the loan payoff can generally become part of the closing process.
If someone disputes ownership or believes their property rights are being ignored, resolve that issue with legal counsel rather than attempting to use the real-estate listing as a substitute for the legal process.
Where Lisa's role begins
Lisa's role begins once the ownership and authority are sufficiently clear for the real-estate decision.
She can then evaluate the home, explain the market and help the owners understand what a sale may look like.
Important
Before selling, resolve who the legally authorized owners are with legal counsel; then title/escrow professionals handle the transfer documentation. Lisa documents the real-estate facts and helps with value, preparation and what a sale may produce. For the ownership-side version of this question, see On the Deed but Not the Mortgage.
