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If a spouse is on a mortgage, but NOT on the loan, can the spouse be held financially responsible after foreclosure?

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jeraka_kjb Joined: 15 Feb 2011 Posts: 2 1.50 Dollars($)	Posted: Tue Feb 15, 2011 8:28 pm    Post subject: If a spouse is on a mortgage, but NOT on the loan, can the s Like 0 Dislike 0 I bought a home in Florida. I am solely on the loan, but my wife initialed and signed the mortgage. The home is going through foreclosure. We are concerned if she can be held financially responsible.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Feb 16, 2011 12:27 am    Post subject: Like 0 Dislike 0 Hi jeraka_kjb, If your wife's name is mentioned on the mortgage docs as one of the borrowers of the loan, then the lender can come after her in order to recover the deficient balance resulting from the property sale. Thanks
jeraka_kjb Joined: 15 Feb 2011 Posts: 2 1.50 Dollars($)	Posted: Wed Feb 16, 2011 5:34 pm    Post subject: Follow-up Like 0 Dislike 0 Thank you James. Great advise! When signing, all parties involved gauranteed that I would be solely responsible for all financial assumptions; even with my wife signing the mortgage. As mentioned, I was the only one that signed the loan. My wife signed the mortgage as a requirement for me to assume the loan. Confusing for sure. Any advise will be deeply appreciated. Kurt
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 16, 2011 11:56 pm    Post subject: Like 0 Dislike 0 Hi jeraka_kjb! Welcome to forums! If your wife's name is mentioned as a co-borrower, then she will be liable for paying it. If your wife's name is not mentioned as a co-borrower, then she won't be liable for any payments. You should check out the mortgage documents in order to know whether or not she is a co-borrower of the loan. Feel free to ask if you've further queries. Sussane
riseabove Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)	Posted: Thu Feb 17, 2011 3:26 pm    Post subject: Like 0 Dislike 0 sorry but I'm a little confused here: you talk about the "loan" and the "mortgage" as if they are separate things - the mortgage IS the loan isn't it? _________________ Instant mortgage quotes available online Low rate mortgage refinance Latest Florida mortgage rates
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Feb 17, 2011 4:49 pm    Post subject: Mortgage Like 0 Dislike 0 The MORTGAGE is the document filed to let everyone in the world know there is a mortgage on a property and that the property is collateral for that loan and if the loan is not paid as required the property could be lost through foreclosure. The NOTE is the document the Borrowers who are responsible to pay the loan sign. In this case, it sounds like the wife did NOT sign the NOTE and is not responsible to pay. She only signed the MORTGAGE to give up her rights to the property in the event of foreclosure which can occur if the person(s) who signed the NOTE do not pay as required. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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