Posted on: 15th Feb, 2011 07:28 pm
I bought a home in Florida. I am solely on the loan, but my wife initialed and signed the mortgage. The home is going through foreclosure. We are concerned if she can be held financially responsible.
Hi jeraka_kjb,
If your wife's name is mentioned on the mortgage docs as one of the borrowers of the loan, then the lender can come after her in order to recover the deficient balance resulting from the property sale.
Thanks
If your wife's name is mentioned on the mortgage docs as one of the borrowers of the loan, then the lender can come after her in order to recover the deficient balance resulting from the property sale.
Thanks
Thank you James. Great advise!
When signing, all parties involved gauranteed that I would be solely responsible for all financial assumptions; even with my wife signing the mortgage.
As mentioned, I was the only one that signed the loan. My wife signed the mortgage as a requirement for me to assume the loan. Confusing for sure.
Any advise will be deeply appreciated.
Kurt
When signing, all parties involved gauranteed that I would be solely responsible for all financial assumptions; even with my wife signing the mortgage.
As mentioned, I was the only one that signed the loan. My wife signed the mortgage as a requirement for me to assume the loan. Confusing for sure.
Any advise will be deeply appreciated.
Kurt
Hi jeraka_kjb!
Welcome to forums!
If your wife's name is mentioned as a co-borrower, then she will be liable for paying it. If your wife's name is not mentioned as a co-borrower, then she won't be liable for any payments. You should check out the mortgage documents in order to know whether or not she is a co-borrower of the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your wife's name is mentioned as a co-borrower, then she will be liable for paying it. If your wife's name is not mentioned as a co-borrower, then she won't be liable for any payments. You should check out the mortgage documents in order to know whether or not she is a co-borrower of the loan.
Feel free to ask if you've further queries.
Sussane
sorry but I'm a little confused here: you talk about the "loan" and the "mortgage" as if they are separate things - the mortgage IS the loan isn't it?
The MORTGAGE is the document filed to let everyone in the world know there is a mortgage on a property and that the property is collateral for that loan and if the loan is not paid as required the property could be lost through foreclosure.
The NOTE is the document the Borrowers who are responsible to pay the loan sign.
In this case, it sounds like the wife did NOT sign the NOTE and is not responsible to pay. She only signed the MORTGAGE to give up her rights to the property in the event of foreclosure which can occur if the person(s) who signed the NOTE do not pay as required.
The NOTE is the document the Borrowers who are responsible to pay the loan sign.
In this case, it sounds like the wife did NOT sign the NOTE and is not responsible to pay. She only signed the MORTGAGE to give up her rights to the property in the event of foreclosure which can occur if the person(s) who signed the NOTE do not pay as required.
