Can you be on the note and not the deed?what r the ramifications if the other party does a bankruptcy or tries to sell the property?can the person on the note loose the property?do they have to sign off prior to listing the property? Can it even happen without both parties being privy to both names not being on the deed?shouldnt it be disclosed if both names don’t go on the deed?
Yes, this happens all the time. For example, husband and wife, both on the deed and note, get divorced. Husband deeds property to wife. Wife owns the property, but both are still liable for the note. If wife does not pay, BOTH are liable, but husband is out of luck because he cannot re-gain ownership; he can only pay up and protect his credit.
Another possibility is a seller who deeds a property to you, without paying off the note. You own it, but if you don’t pay it affects seller’s credit. Seller would have to be pretty motivated to do so, probably in the case of being already behind in payments.