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I'm confused. I'm signing a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit Claim deed[/url] 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?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dad passed away and I found out he was the only one who signed the note, but both him and his wife signed the mortgage, deed, etc.

Whom is responsible for paying for the house? The estate or her if she wants to stay in the house which is already up for sale.
Thanks

Like | Dislike | Share | Posted: Mon, 04/09/2012 - 23:41 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Guest,

If his wife is alive and if her name is mentioned on the mortgage docs as one of the borrowers of the loan, then she will be liable for paying off the mortgage. If both of them are deceased, then their estate will pay off the loan.

Like | Dislike | Share | Posted: Tue, 04/10/2012 - 23:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my daughter has mortage loan in her name only,i am on the deed,with pending forclouser pending what legal rights do i have on property. live in ohio

Like | Dislike | Share | Posted: Fri, 11/02/2012 - 08:52 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi carolyn,

As your name is mentioned on the property deed, you will be considered as one of the owners of the property. If your name is not on the mortgage and if the lender forecloses the property, then he may pay you an amount equivalent to your share of property.

Thanks

Like | Dislike | Share | Posted: Sun, 11/04/2012 - 22:55 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Thanks

Like | Dislike | Share | Posted: Thu, 05/01/2008 - 21:22 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 05/02/2008 - 02:29 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 05/02/2008 - 14:57 | Post subject:

genestoneybrook's picture
genestoneybrook | Joined: April 22, 2009 07:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 04/24/2009 - 05:36 | Post subject:

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savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

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.

Like | Dislike | Share | Posted: Fri, 04/24/2009 - 06:03 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

re-read what i said before and if it's not clear, let me know and i'll write it again.

Like | Dislike | Share | Posted: Fri, 04/24/2009 - 08:35 | Post subject:

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