Posted on: 26th Mar, 2009 12:50 pm
refinancing home with new spouse, their resonsible for whole loan? or just new amount...my new husband owns a home. has taken out 2 loans for 50.000 each, home is worth 160.000. wants to refinance to pay off 10.000 in credit card dept. loan only for the dept amount. am i responsible for 10.000 or 110.000. he needs me on the loan. he is 200.00 short.
thank you!
thank you!
If he only takes out money for the $10,000 then and you sign the note, then you are responsible for the $10k. If he refinance all the loans together and pay one note on the $110k and you sign the note, then you are responsible. If you did not sign the note on the other two loans for $50K each, you are not responsble for those loans.
I hope this helps=)
TaWana S.
[Link deleted as per forum rules. Thanks.]
I hope this helps=)
TaWana S.
[Link deleted as per forum rules. Thanks.]
any and all borrowers who sign a promissory note are obligated to repay the entire debt.
