notes

Hi Benawallis,

The spouse who is on the mortgage Note is liable to pay off the mortgage. In case of his/her death the other spouse can't be sued for the loan but if the surviving spouse wants to keep the property then he/she has to pay off the loan.

Blue

If both the spouse have signed the mortgage then how is that only the name of one spouse comes on the Note?

Hi Benawallis,

Welcome to MortgageFit Forums.

It would have helped more if I could understand the way the mortgage loan agreement was made. Since you say that both the spouse signed the mortgage then both of them must have signed the Mortgage Note too as normally lenders are not going to grant a loan to one of the owners unless both of them signs the mortgage documents.

But it is also not clear here whether both the spouse own the house. Now I assume that only one of the names is on the mortgage note and the other is a co-signer on the loan (although a co-signer too has to sign the note) then also both the spouse is liable to pay the mortgage loan.

Lastly as Blue said that if one of the spouses is one the mortgage but both of them on the deed then the surviving spouse has to pay off the mortgage loan to keep the property as otherwise the lender can foreclose on it.

Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

Hi,

It depends largely on the nature of the debt. If both husband and wife sign a debt then both of them are held responsible for the payments. Again, for community property states, a spouse is generally obligated for the debts of the other.

Thanks

I signed a mortgage with a relative but not the note. Relative dies. My husband and I have alwasy paid the mortg. maint. & taxes. Mtg. Co. does not know relative died (6 mos. ago) but we want to continue to pay or now business is bad make a modification. What do we do?

hi debbie gerusky!

it will be better if you could inform the lender about the death of your relative. may be the lender will ask you to refinance the mortgage. as you are paying the mortgage payments on time, you may ask the lender to go for novation. but remember that lenders will always prefer a refinance.

thanks.

Is the surviving spouse liable for an equity loan on a house both partners hold the mortage for but the surviving spouse did not sign on the equity loan? This is in texas and the house is under homestead.

Hi anna,

If the surviving spouse did not sign the loan documents, then he or she won't be held liable for the loan.

Thanks