Posted on: 17th Jun, 2010 03:43 pm
What is the difference? Can someone be on the note but not on the mortgage?
No they are one in the same. One can be on the title and not on the note/mortgage.
That may be was you were trying to ask.
That may be was you were trying to ask.
Actually, no. I was told that party A could be on the note but the mortgage held by party B. So if one and the same thing, anyone on the note would also be on the mortgage.
Someone can be on the deed of trust and I believe that is what you are referring to as being the mortgage, and not be on the note. For example in Texas, a wife and husband can both be on the deed of trust or mortgage but only one person is on the note. People do it for different reasons, but the main reason a lot of buyer do it is to use the person with the strongest credit to get the best interest rate for a lower note payment.