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My husband recently passed away. The deed is JT with ROS. I signed the mortgage but not the note. I'm having a difficult time making the payment, completely draining my financial cushion while trying to find a job in an almost impossible market. If I didn't sign the note, yet the title is solely in my name now, am I held responsible for the debt since I signed the mortgage?

adonis · Posted: Mon Apr 06, 2009 11:52 pm Post subject:

Hi Zoe,

If you have signed the mortgage documents, then you would be held responsible for the payments. If you do not pay the mortgage dues, the lender will foreclose the property. This will badly effect your credit report. As you are facing hardship in paying of the mortgage dues, you should contact your lender and check out whether you could short sale the property or go for a deed in lieu of foreclosure.

gmakerley · Posted: Tue Apr 07, 2009 1:12 pm Post subject:

zoe, part of the above answer to you is correct. since you are an owner of the property, you are responsible to uphold the covenants that are contained in the mortgage deed. that doesn't specifically include making the payments, but if you don't pay, nobody else is going to; and the lender will end up taking foreclosure action to take their collateral (the house). by all means, you need to be in conversation with the lender to see what arrangements you may be able to make. if you have an attorney to work with you, that's to your benefit.

if you do not have an attorney, you can find a non-profit organization to work with you by checking on the hud.gov website (the urban league, which is all over the country, is one such organization, for example).

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