Posted: Tue Aug 18, 2009 3:10 pm Post subject: Notes and mortgages question?
My ex-fiance signed a disclosure form while applying for a mortgage note up here with me that may have been fraudulent. It turns out that he owns property in FL and did not disclose it. My question is: If a person signs a mortgage but not a note (I can't seem to find out if his name is on the note on the FL property with his now-ex-wife, so worst-case - I will assume that he is not on the note), isn't he required to disclose that mortgage (would that be considered a lien in the amount of the note?), his co-ownership of the property, and the taxes he must pay for it, when applying for a new mortgage up here in PA? Also, wouldn't he have to disclose that the first property had a lis pendens filed against it during the time of the application? If he doesn't disclose this information, and signs the disclosure and loan application up here, signs the new mortgage, and the new note on this new PA property, isn't that mortgage fraud? I am asking this because he won't sell, won't buy me out, and has trapped me into paying for taxes and mortgage payments that I should never have had to pay, and cannot afford.
In my opinion, it is essential for your ex-fiance to inform the lender that he has another property in a different state with a mortgage on it. If he doesn't discloses the fact, then the lender will come to know about it when he pulls the credit report of your ex-fiance before approving the loan. The lender may then dis-approve his loan application.
If you are on the mortgage and the title of the property, then you can file a partition lawsuit. The court will judge the situation and order the sale of the property. Once the property is sold off, the loan will be paid off and the rest of the amount, if any, would be divided between both of you. _________________ Procrastination is the enemy of your financial sucess
If he is not on the note, but the deed only, technically he is not responsible for the payment of the other property in Fl. _________________ Elnora Little
First Home Mortgage
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301-437-5605
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