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  #21  
Old 20.09.2011, 19:07
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Re: Buying a house: mortgage and title for different people

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i guess there are 4 options:

- bank has mortgage and you have title to the house and live in it. you default
- bank has mortgage and your wife has title to the house and lives in it. you default
- bank has mortgage and you and your wife has title to the house and lives in it. you default
- bank has mortgage and you have title to the house. the house is rented to a tenant. you default

if the bank can foreclose on option 3 (which i guess is the normal one) why couldn't they foreclose in option 1 and 2 when there is one less person with title to the house?
Because the title is not in the name of the holder of the mortgage. What if your mother was the title holder but you had the mortgage? What if you had the title and your friend had the mortgage?

The issue is not what if this situation exists, it's really whether the bank would enter into such an agreement.
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  #22  
Old 20.09.2011, 19:09
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Re: Buying a house: mortgage and title for different people

Mortgages in Ch are usually 'inhalber' the paperwork can be given to anyone, the mortgage is on the property, nothing to do with a person.
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  #23  
Old 20.09.2011, 19:11
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Re: Buying a house: mortgage and title for different people

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I very much doubt that...if I can't sell MY house without the signature of my wife, I can't see that a bank would be able to kick somebody out of the house the house they jointly own...

But you sound like you speak from experience or expertise?
You can not give up your family home unilaterally without the consent of you wife whether it be rented or owned (selling). This has nothing to do with whether a third party can kick you out. The landlord can kick both of you out if you don't pay or your wife doesn't pay or both don't pay.

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Mortgages in Ch are usually 'inhalber' the paperwork can be given to anyone, the mortgage is on the property, nothing to do with a person.
Thank you!! This is what we need to know.
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Old 20.09.2011, 19:11
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Re: Buying a house: mortgage and title for different people

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Because the title is not in the name of the holder of the mortgage. What if your mother was the title holder but you had the mortgage? What if you had the title and your friend had the mortgage?

The issue is not what if this situation exists, it's really whether the bank would enter into such an agreement.
the mortgage holder is the same in all cases: the bank.

but i guess you mean that there is a law which prevents the bank from foreclosing if the person who borrowed the money isn't the same as the person who has title to the property? i guess this could be the case, but i doubt it. e.g. what if you buy a place and then die? the title would then pass, say, to your child. if such a rule existed the mortgage would no longer be effective.

but in any case, the banks may be reluctant to do anything 'out of the ordinary' even if there is no reason why they couldn't.
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  #25  
Old 20.09.2011, 19:12
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Re: Buying a house: mortgage and title for different people

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Instead of playing games maybe you could tell us how it is that the bank can foreclose on a house where they title holder is not the holder of the mortgage? Perhaps it's because they are married? And if so, what is they divorce? I can't see the husband writing a note saying they will never divorce is going to hold water. If you know why don't you tell us? 1 & 3 are not in question. Only #2.
The mortgage has two aspects: the loan and the "real security" over the house that secures the loan. If the borrower defaults, the bank can sell/forclose on the security, i.e. the house. Obviously, this requires the owner of the house to consent to the mortgage in the first place. But the borrower does not have to be the same person as the one who owns the asset the bank uses as security, at least not in Switzerland.
(In most cases where the owner of the mortgaged asset and the borrower are not the same person, the owner of the mortgated asset are (1) the parents and the borrower is one of their children who's built/bought a house, does not have enough money to satisfy his/her bank's requirements, and needs the parents to "chip in", or (2) a business where OpCo borrows and AssetCo holds title over the land, e.g. a factory.)
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  #26  
Old 20.09.2011, 19:13
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Re: Buying a house: mortgage and title for different people

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the mortgage holder is the same in all cases: the bank.
And the property is the security 'mortgaged', it's very simple. Who pays does not matter.
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Old 20.09.2011, 19:16
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Re: Buying a house: mortgage and title for different people

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but i guess you mean that there is a law which prevents the bank from foreclosing if the person who borrowed the money isn't the same as the person who has title to the property? i guess this could be the case, but i doubt it. e.g. what if you buy a place and then die. the title would then pass, say, to your child. if such a rule existed the mortgage would no longer be effective.
You often buy a house and keep the same mortgage documents. It's rather expensive to register a mortgage in CH, it's not like the UK where it's basically 'free'
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Old 20.09.2011, 19:23
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Re: Buying a house: mortgage and title for different people

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You often buy a house and keep the same mortgage documents. It's rather expensive to register a mortgage in CH, it's not like the UK where it's basically 'free'
uk isn't really free when you factor in all the costs from the bank and lawyers the swiss one might effectively be cheaper!
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  #29  
Old 20.09.2011, 19:51
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Re: Buying a house: mortgage and title for different people

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uk isn't really free when you factor in all the costs from the bank and lawyers the swiss one might effectively be cheaper!
Unless you pay for a 'special deal' mortgage, you have a valuation fee, very small legal fee & small registration fee.

In Ch it's several percent of the mortgatge, seems very different to me.
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Old 20.09.2011, 19:59
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Re: Buying a house: mortgage and title for different people

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Unless you pay for a 'special deal' mortgage, you have a valuation fee, very small legal fee & small registration fee.

In Ch it's several percent of the mortgage, seems very different to me.
i guess. i paid something like 2.5 pro mille for the schuldbrief. and as you alluded to, i paid only for the increase from the existing to the new value.

so not huge compared to the 1% typical UK legal fees (admittedly that is for the whole process and not strictly related to the mortgage).

i was lucky as i paid only a small percentage - i guess other gemeindes might be more expensive.
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Old 24.09.2011, 11:38
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Re: Buying a house: mortgage and title for different people

Perhaps the solution to our situation would be for me to sign under the mortgage papers together with my husband, and to have the title to my name. Then from the point of view of the bank the default of mortgage would not include the problem of dealing with a title holder.

Thanks all for your opinions!
KTZV
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