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note/mortgage

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just curious Guest	Posted: Fri Feb 04, 2011 8:51 am    Post subject: note/mortgage Like 0 Dislike 0 My husband did not sign the note to our home (Michigan). I financed it on my own when were were separated in 2004 and refinanced one year later-- on my own -- when we were back together. The title company employee made my husband sign the recorded mortgage -- even though he was not on the loan app or the note. So he shows up on the recorded mortgage at the Register of Deeds. My question now is, when my home is foreclosed on, will it show up on his credit even though he is not technically responsible for the loan? The mortgage has not ever shown up on his credit report to this point, can they attempt to do so when I am foreclosed on? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Sun Feb 06, 2011 10:25 pm    Post subject: Like 0 Dislike 0 Welcome Guest, If your husband's name is mentioned on the mortgage docs, it means he is responsible for the mortgage. In such a situation, if the property is foreclosed by the lender, then it will show up in his credit record. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 07, 2011 12:05 pm    Post subject: Mortgage Like 0 Dislike 0 Your husband is not on the NOTE and is, therefore, not responsible for the payment of the mortgage, it is not on his credit report and aa foreclosure would not be shown on his credit report. The MORTGAGE is just to show there is a lien on the The MORTGAGE does not obligate anyone to pay anything. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Guest	Posted: Wed Feb 09, 2011 2:56 pm    Post subject: Thanks for the response! Like 0 Dislike 0 John, thank you for the response and information. Since my last posting, my attorney was able to additionally get the mortgage company to sign an affidavit attesting to the fact that my husband is not responsible for the mortgage and that the title company made an error when adding him. Hopefully, this will provide him with additional protection. Thanks again!
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Feb 09, 2011 3:06 pm    Post subject: Mortgage Like 0 Dislike 0 You are welcome. Best wishes. Besides giving up his rights in the event of foreclosure, the title company notes that there is a mortgage on the property for future transactions that may occur. For example, if you were to pass away and your husband gets the house, he could sell it and not pay off the mortgage at the sale because the new buyer's title compnay would inquire under his name to see if there was a mortgage on the property. That is a second reason your husband must sign the mortgage. If he did not sign the mortgage, no one inquiring in the future would know there was a mortgage on the property. Anyway, not to be to involved or confusing, GOOD LUCK _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Guest	Posted: Wed Feb 09, 2011 5:43 pm    Post subject: Thanks Again! Like 0 Dislike 0 Thanks again! I so appreciate you taking the time to provide the additional information. It is so good to receive knowledgable feedback. Wish you were licensed in Michigan!

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