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Mortgage vs Note

Posted on: 01st May, 2008 07:38 pm
i'm confused. i'm signing a quit claim deed on this property over to my wife. i am on the mortgage papers. but i'm not on the note (promissory note).
she used her credit only when she refinanced. the mortgage does not show up on my credit, but my name shows up on the property taxes.
i only signed a few papers @ closing. if i'm on the mortgage papers, on the deed, but not on the note, am i liable for this mortgage once i quit claim it over to her?
Hi Milmartinez,

Welcome to forums.

If your name is on the mortgage papers, then either you are a cosigner or co-borrower. I suppose you are the cosigner because the mortgage does not shown on your credit report. Even then the promissory note should have your name. Can you just check and tell me what papers you signed at closing? it will be easier for me to give you any suggestion.

Posted on: 01st May, 2008 09:22 pm
Welcome Milmartinez,

If you are a co-signer then you are also liable to pay the mortgage if your wife defaults even after you transferred the property through a quitclaim deed. Even your credit report may be affected if your wife defaults on the mortgage.

Let me know if you have any further questions.
Posted on: 02nd May, 2008 02:29 am
it is pretty apparent to me since only your wife signed the note that you are not responsible for payments on the mortgage loan. what you are responsible for - at least until you relinquish your ownership - is keeping the requirements noted in the mortgage (insurance, maintaining the home, etc.).

once you quit-claim your interest in the home, you ought to be completely off the hook for any responsibility, including the real estate taxes.
Posted on: 02nd May, 2008 02:57 pm
We are in same situation here in Fla and now I am more confused after reading above post

Both 1st and HELCO loans are under my wife's name ,There is no mention of my name or place for signature on any or the paperwork in both files for me to sign

I did find the one papers with ""NOTE"" inside the file and seems like my wife is the only person that sign it. Under borrower were you would sign ____________there is only her name not mine.

I am listed on one paper ""Signature and Name Certification""" as NON BORROWER but on the signature line there is no print of my name

I did a search online with my local County Clerks office and found the MTG ""Mortgage ""
This is the only papers I can see that I have signed . It has my wife's listed as borrower and on the same line my name along with "AS TENANTS BY THE ENTIRETY"""

At this point it hard to tell what was signed since all our copies have no signatures at all. Just lines where my wife should have signed.

Did our mortgage broker mess up the paperwork with regards to my loan. ????????

It was my understanding that both loans were under my wife's name and I was just listed on the Deed. (Title)

If we default Does my credit (758) take I hit too ?????? or just my wife's since she is listed as borrower . Can Countrywide come after me too since I signed the MORTGAGE the was recorded with our local county
Posted on: 24th Apr, 2009 05:36 am

As your wife is listed on the mortgage as the borrwer, she is responsible for the debt. If you are neither the borrower nor the co-borrower, you should not be held liable for the loan. If you are a tenant by entirety, it means you own the property along with your wife. It does not make you liable for the mortgage.
Posted on: 24th Apr, 2009 06:03 am
re-read what i said before and if it's not clear, let me know and i'll write it again.
Posted on: 24th Apr, 2009 08:35 am
My husband and I are separated. We have 2 separate residences. My loan is in my name only for my home. His home loan is in his name only. His house is in foreclosure and I was served papers. I am on the mortgage and the deed but I am not on the note. How does this affect me? We both live in Florida
Posted on: 20th Oct, 2009 11:24 am
Already stated above, however, still seems to be some questions.

In some states, probably not all states, the nonapplicant spouse must sign the mortgage to give up their rights in the event of foreclosure--this would apply to the marital home whether or not the nonapplicant spouse is on the deed or not. There could be a couple other documents signed by the nonapplicant spouse also (truth-in-lending document, right of rescission) BUT THE NOTE IS NOT SIGNED BECAUSE THE NONAPPLICANT SPOUSE IS NOT RESPONSIBLE FOR THE MORTGAGE.

The nonapplicant spouse would still be served foreclosure papers as the lender is letting you know they are foreclosing on a property in which you have ownership. They are not telling you you are responsible for the mortgage.

If a nonapplicant spouse is quit claim deeded off the deed, that mortgage is not affected because he/she is not on the NOTE and is not responsible for the mortgage.

In some states quit claim deeding one off the deed does not mean much. A spouse off the deed in the marital home will still own it in some states. If the person leaves the property and no longer lives there, it is no longer the marital home and being taken off the deed in that case would mean something.

Too many states and different state laws and some community property states to give a blanket answer.
Posted on: 20th Oct, 2009 01:09 pm
i agree with that last statement, john, but i think the nuggets in your post are most valuable. in this case, you've already told tj that what's happening is essentially a formality - notifying her of a foreclosure pending on a property in which she has an ownership interest. again, as you noted, there's naught for her to do really.

i do maintain, however, that credit agencies pick up on foreclosure actions, etc. (any legal actions) and that this particular item will be reported on her credit report, most likely. in that case, i suspect that her credit will be hampered - score will drop a bit - and she'll have to answer to it when seeking credit for at least the foreseeable future.

it's apparent to me that a solid explanation (it's not her home) will suffice with most lenders. however, that being said, i don't hold out hope for ALL lenders, given the current climate. there are those who are so conservative that they'd be prone to denying credit to someone in this situation (in my opinion). it would be nice if i'm wrong, but i guess time will be the judge.
Posted on: 21st Oct, 2009 03:22 pm
My husband has been pre-approved for VA loan with USAA and has made an offer on a California condo. The VA requires a spouse to sign on Title and Deed
to fund the loan, but not on the NOTE since he qualified with his own funds. This will be my husbands sole and separate property as a married man. We do have a prenuptial agreement enforce for our separate property since Calif is a community property state. I want no interest or financial responsibility for this mortgage debt. How can I protect myself in the event of default...Thank you
Posted on: 07th Jan, 2010 05:19 pm
Hi Jeanne,

As a spouse, you do not have to sign on the mortgage note to help your husband qualify for the VA loan. He is using his own income to qualify for the loan and he is the one who is solely responsible for the payments. The lender cannot come after you in case he defaults on the loan. You will be signing the documents as non-applicant spouse, not as a co-borrower or a co-signer.
Posted on: 07th Jan, 2010 11:41 pm
hello jeanne

your statements are contradictory. you mentioned that this will be "my husbands sole and separate property as a married man." however, you also stated that the va requires you to sign on title and deed.

the deed is the warranty deed by which you two will become owners. now i don't claim to know anything about california law, or community property law - i'm not a lawyer, after all. but it occurs to me that your being on title makes you an owner, and if that's the case, in the event of a default, the lender would bring an action against all owners. there's a fine line here. it's not asking you to pay on the promises made in the note, but you need to be sued as an owner for the lender to take back its collateral.
Posted on: 08th Jan, 2010 08:01 am
Posted on: 11th Mar, 2010 06:57 pm
"the lawyers" are incorrect. if you did not sign a promissory note, you are not obligated to pay the debt. you will be subject to a foreclosure action, however, inasmuch as you are also one of the owners of the home on the original mortgage. your quit claim was undoubtedly not made known to the lender, who must sue those owners of the property.
Posted on: 11th Mar, 2010 08:28 pm
My husband and I purchased a property in 2007. We separated last year. Last August I signed a quit claim deed over to him. I only had to sign at closing when we bought the house as I am not on the note. Don't really understand it as on my credit it never showed me owing any money.

In November, My husband lost his job and is now losing his house, so I thought, but he was served with papers in January and then I was just served papers, why? If I'm not an owner or on the deed?
Posted on: 25th Mar, 2010 06:24 pm
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