On mortgage for investment property

liniza · Joined: 07 Jan 2009 Posts: 2 1.64 Dollars($)

My husband purchased an investment property back in 2006 which was only in his name, when my husband got to the closing the title company told him I needed to come and sign the mortgage which I did. Now my question is, I have recently found out that I didn't need to do that since it was not out homestead and the property is going into foreclosure. I am not on the note or title but I did sign the mortgage. Can the mortgage company come after me as well now, even if it was a mistake by the title company?

elnoralittle · Posted: Wed Jan 07, 2009 7:25 am Post subject:

I am not sure what state you are in, but sometimes if you are in a community property state, the title company is required to place you on title b/c you have an equal right to all assets.

I would contact the mortgage company, or pull your credit to see if the property shows up under your name.

liniza · Joined: 07 Jan 2009 Posts: 2 1.64 Dollars($)

I am in Florida and no the mortgage does not show up under my credit, but I did sign the mortgage not the note. Can they come after me as well?

elnoralittle · Posted: Wed Jan 07, 2009 7:35 am Post subject:

The note is technically the mortgage.
If you signed the Deed, that means you are just on title. And if that is the case, I don't believe they can come after you for it. Florida is not a community property state.

You can call the county's recording office to check if you are on title.

Guest

Not sure what state you are in, however, it sounds like you are not responsible for the mortgage and the bank can not go after you for anything.
You noted that they made you sign in error becasue it is an investment property, not an owner occupied marital home. Some states, like NJ, require that nonapplicant spouses sign the mortgage when the husband is the only one on the mortgage to give up your rights in the event of foreclosure for the marital home. Because in NJ you are an equal owner in the marital home, they do not want to be tied up in court if they have to foreclose because the husband signed the mortgage and gave up his right to the property in the event of foreclosure but the nonapplicant spouse never gave up any such right--unless you sign the mortgage giving up your right to the property. They can not go after you for anything other than the marital home.
On investment properties they can not go after you for anything other than the value of the investment property, which, you actually have no ownership rights to anyway.

Guest

Not sure what state you are in, however, it sounds like you are not responsible for the mortgage and the bank can not go after you for anything.
You noted that they made you sign in error becasue it is an investment property, not an owner occupied marital home. Some states, like NJ, require that nonapplicant spouses sign the mortgage when the husband is the only one on the mortgage to give up your rights in the event of foreclosure for the marital home. Because in NJ you are an equal owner in the marital home, they do not want to be tied up in court if they have to foreclose because the husband signed the mortgage and gave up his right to the property in the event of foreclosure but the nonapplicant spouse never gave up any such right--unless you sign the mortgage giving up your right to the property. They can not go after you for anything other than the marital home.
On investment properties they can not go after you for anything other than the value of the investment property, which, you actually have no ownership rights to anyway.

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