Posted on: 29th Jun, 2010 06:55 pm
Hello! I would appreciate any information you could offer me!
I signed various documents during the closing of the home I am moving out of from my husband. One document stated "mortgage". I signed it. I am listed as "co-borrower", on this document as well as few others. But on the Adjustable Rate "Note", it is only my husband's signature, not mine. There are also other documents (name affidavit, etc.) that only have his name. My income was never used as part of the original loan and when we did our loan modification a while back, it was only his signature they were looking for. Am I liable for default on the mortgage? I now have a new approved loan in my name and want to know that I am free and clear of his default. Is there a way I can 100% verify this aside from going to an attorney?
Thank you for any advice you can offer me.
CLBH
I signed various documents during the closing of the home I am moving out of from my husband. One document stated "mortgage". I signed it. I am listed as "co-borrower", on this document as well as few others. But on the Adjustable Rate "Note", it is only my husband's signature, not mine. There are also other documents (name affidavit, etc.) that only have his name. My income was never used as part of the original loan and when we did our loan modification a while back, it was only his signature they were looking for. Am I liable for default on the mortgage? I now have a new approved loan in my name and want to know that I am free and clear of his default. Is there a way I can 100% verify this aside from going to an attorney?
Thank you for any advice you can offer me.
CLBH
Welcome clbh,
If your name is listed as a co-borrower of the mortgage, then you would be equally liable for the mortgage as your ex-husband. If he defaults on the mortgage payments, the lender can come after you for recovering the dues. You should check out the mortgage docs carefully in order to know whether or not you're one of the co-borrowers of the loan.
If your name is listed as a co-borrower of the mortgage, then you would be equally liable for the mortgage as your ex-husband. If he defaults on the mortgage payments, the lender can come after you for recovering the dues. You should check out the mortgage docs carefully in order to know whether or not you're one of the co-borrowers of the loan.
Get a free copy of your credit repost at annualcreditreport.com and see if the mortgage appears.
A note, or Promissory Note, is the actual debt obligation. Since you did not sign the note, you are not liable on the debt.
A mortgage, typically a Deed of Trust, is merely collateral for the note, and is not a debt obligation in itself. You are giving title, to be held in trust, to make sure you pay the note.
Banks typically have spouses sign the deed of trust because you may have some ownership interest via community property and they don't want a problem down the line when they go to foreclose.
That being said, if they do foreclose, make sure you give them a quitclaim deed to get out of the foreclosure so it doesn't end up on your credit history.
A mortgage, typically a Deed of Trust, is merely collateral for the note, and is not a debt obligation in itself. You are giving title, to be held in trust, to make sure you pay the note.
Banks typically have spouses sign the deed of trust because you may have some ownership interest via community property and they don't want a problem down the line when they go to foreclose.
That being said, if they do foreclose, make sure you give them a quitclaim deed to get out of the foreclosure so it doesn't end up on your credit history.
