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Mortgage vs Note

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?

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

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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.

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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.

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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

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savior70's picture
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.

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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.

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

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

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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

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.

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

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

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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

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.

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

IM CURRENTLY GOING THROUGH A DIVORCE I SIGNED MY HOUSE AND PROPERTY OVER TO MY HUSBAND SO HE COULD REFINANCE MY MORTGAGE LOAN I COULDNT DUE TO THE FACT I HAD TO FILE BANKRUPSY FROM MY FIRST MARRIAGE I SIGNED THE DEED OF TRUST BUT NOT THE NOTE AND NOW MY HUSBAND DEFAULTED ON THE LOAN AND THE LAWYERS ARE SAYING I HAVE TO PAY AS WELL

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

"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.

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

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?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you signed a quitclaim deed and transferred your property ownership to your spouse, you do not have any rights to the home. If you are not on the mortgage note, you are not responsible for the debt. I'm not sure why you have been served the foreclosure papers. Do you live in a community property state? If you do, then that could be the reason why you have been served those papers. But in any case, you should not be responsible for the mortgage debt.

By the way, was the quitclaim deed properly recorded? Does the title still show your name? If it does, then the lender will send you the foreclosure papers. But this will not affect your credit as you are not on the mortgage note.

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

I live in Florida. The [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] was properly recorded and I don't know the last answer, if the title still shows my name, not sure where to look at that.

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

To Guest,

If the quitclaim deed was the properly recorded, your name should not be on the property deed. Once you recorded the quit claim deed, your name should have been removed from the title. You can check with the land records office to find out if your name still shows on the property title. But as Jenkin have mentioned, you do not have any liability towards the mortgage if your name is not on the note and if you are not in a community property state.

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

I just received a summons a week ago from a house I owned with my ex-husband. I am on the mortgage and he is on the note. He is foreclosing and I called them and they said they are holding me responsible because I am on the mortgage even though I am not on the note. I have been to 3 attorneys and none of them seem to know what is going on...Is there anything that I can do so this doesn't hurt my credit? I have spent so much time trying to have good credit.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Cindy,

It seems that when you signed the mortgage papers, you also signed on any document which makes you liable for the mortgage. Otherwise, the lender would not have come after you for the loan. If possible, check the original loan documents, also check your credit report to see if the mortgage shows on your credit report as your financial liability. If you are sure you did not sign any documents that makes you liable for the mortgage payment, your credit should not be affected by the foreclosure.

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

Cindy, as an owner of the home, you must also be included in any legal action. The mortgage deed that you signed makes you responsible for a number of things, not including the loan itself, of course. Your responsibilities, for example, include insuring the home, protecting the lienholder's interest (the lender), and a myriad of other things. If I had a deed in hand, I'd quote further from it, but I don't.

In order for the lender to foreclose, they must put you and any other "interested party" on notice. The lawyers you've been speaking to must not have much in the way of real estate experience, or else they'd have given you similar answers. I don't wish to demean the lawyers, but I'm flabbergasted that three different ones were all confused to the point of inability to give you any answers..."none of them seem to know what is going on..." that's a pretty sad occurrence.

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

As well im listed as co borrower but my husband was the only one who signed the note... and now that were seperated i am also getting default papers from the lawyer... should i send them the copy of the note that i am not responsiable for payment?

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

To hollyboo,

A co-borrower is as much responsible for the mortgage as the primary borrower. I'm not sure how you can co-borrow a mortgage without signing on the note. But as far as I know, you are very much responsible for the mortgage loan as a co-borrower and in case your husband defaults on the loan your credit will be affected.

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

unless you sign a promissory note, you are not liable for making payments under the note. as an owner of real estate, any lender bringing a foreclosure action must also sue you. let's not get confused here. one who owns property will be foreclosed upon whether or not that person is obligated under the terms of the loan note. go back and read your mortgage documents, and they'll be clear as to rights, responsibilities and liability.

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

Hello,

My wife is going through bankruptcy. When I met her she already had a house. We refinanced in 2008. At the closing I was told by the rep that I "had" to sign the [url=http://www.mortgagefit.com/refinance.html]refinance[/url] documents (we refinanced with a different mortgage company). My name is not on any of the mortgage statements that come to the house and is not shown on the property tax bills. Nor has this affected my credit rating. Payments have not been made on this house for almost a year.

Next to my wifes name is says "borrower". But next to my name on the document it doesn't say anything but my name.

My question is simple, although I realize the answer might not be. Am I liable for this debt?

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

Hi Thomas,

You'll have to check out the loan docs properly in order to know whether or not your name is mentioned on them. If your name is not mentioned on the mortgage docs, you won't be responsible for your wife's debt.

Thanks

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

My opinion is that if you signed a note, they'll hold you to it. The signing indicates a promise to pay. They'll hold you to it if they take the time to read the note...which will happen eventually.

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

My husband stoped paying our house without consulting me. when we bought it back in 2004 i did not sign the promisory note and them when we refinace the house back in 08 i did not signed either and my social is not in the papers nor my credit has being affect it by the foreclosure. we are getting divorce now and he refuses to sign a quick claim deed and wants me to be liable for 50% of the debt. am i liable for the debt??? and if i did not signed but is put it on the divorce settlement am i going to be responsible?? thanks

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

Hi Milly,

I have given my suggestions in regards to a similar query at:
http://www.mortgagefit.com/know-how/about38186.html#163049

Take a look at it. Hope it helps you.

Thanks

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

My husband recently passed away. In looking at our mortgage paperwork, I am listed as "co-borrower". I am not however listed on the note to the bank. On the deed we are "joint tenants". We live in the state of Maine. My question is, do I need to remortgage now that my husand has passed away?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tracy,

As your husband has passed away, you should refinance the mortgage in your name and start paying the mortgage dues. If the mortgage lender does not receive the loan dues on time, he would simply foreclose the property.

Thanks,

Jerry

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

I have actually been paying the mortgage. My quandry is that in the three years that my husband has been battling Cancer, my credit has gone haywire. What I literally mean by that is I have had late payments, not the mortgage though. We were late on that once. Now that my husband is gone, all the "joint" accounts are mine to pay alone. Im not sure a bank would [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with me. I am trying to get my financial self in order. I am going to sell some things, and pay off some debt, in the hope of refinancing the house in my name. We have three children, and Im not sure if they can take losing their home after everything they have been through. Thank you for your answer though. Just as an afterthought, What is a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]Novation[/url]? What do you think the chances are of my just assuming the loan? Thanks again.

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

Novation is a means by which you could assume the responsibility of the "current" borrower, which is, of course, your now-deceased husband. Part of the answer is based on who the lender is - if you're dealing with a national lender, I'd sort of expect to see less favorable treatment than if you're dealing with someone local who keeps the loan in-house.

As for losing the home, lenders are not desirous of turning people out of homes - they'd rather put you through the modification process and allow you to maintain payments as best you can. That, of course, presupposes your ability to become the sole owner. Frankly, it's a very difficult question to answer right now as to your ownership situation and the ability to change what is on the books at the moment.

Your fear at losing the home will likely abate if you simply begin discussions with the lender, to try to determine what your options are. That's the first and most important step at this point. Call up and lay it out for them and see what, if anything, they can suggest. Perhaps refinancing is a possibility; perhaps novation; the only way to know is to bring it up, though.

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

When I applied for the loan for my home it was in my name and on my credit. Now that I am getting Divorced my husband is questioning his signature on the above two documents. How can we get his name off of the two documents.
Need answer asap.
Thanks.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Edna,

If your husband's name is mentioned on the mortgage docs, then you need to refinance it to remove him from the mortgage. This will make you solely liable for the mortgage dues.

Take care.

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

Edna, I don't quite comprehend your original statement in light of what you followed it with. You noted that your home is "in your name" yet you later noted that your husband's signature appears on "the above two documents." I presume that the documents in question must be the note and the mortgage deed...is that correct?

I'm of the same opinion as Sara, if what I've noted is true. If your first statement is true, however, and he has no ownership interest, then you won't have to do anything to be the sole owner. Refinancing, however, will allow for him to be eliminated from any liability regarding payments.

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

I have the opposite situation of many who have posted here. I live in Florida, am separated from my husband, and am in the process of filing for divorce.

I was on the original mortgage and promissory note for our home, but when we refinanced a few years ago, my husband’s income was used to qualify for the refinance. He is on the promissory note, I am not. I am, however, on the mortgage as a spouse (not as a co-signer or coborrower) and I am also on the deed.

When we separated, my husband stopped making mortgage payments, and had all correspondence sent to him, so I didn’t realize he was not making the mortgage payments. Once I found out, I wasn’t able to make up for the missed payments; I had just had a baby and wasn’t working.

So, I contacted the lender to work out a solution, but they would not speak with me about the loan, because I was not on the promissory note.

I quickly found a job so I could afford the mortgage on my own, but the bank still refuses to speak with me to modify the loan — citing, again, that I am not on the promissory note.

I want to keep the home, and can afford to make the payments in full, but I cannot afford to make up the missed payments and attorneys fees that have accumulated. I have tried everything to get the lender to work with me (to modify the loan to work in the missed payments and fees, and to set it up where I am now responsible for the payments in full) and have had no success.

A mandatory court mediation was held recently, and the lender still refused to work with me — citing again that I am not on the promissory note. My husband, since we are in the process of getting a divorce, will not help, and did not attend the mediation.

The auction date for my home is in early December. What recourse do I have? Is there anything I can do to save my home?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Stacey!

Welcome to forums!

As your name is not mentioned on the promissory note, the lender will not consider your request for a loan modification. Moreover, you won't be able to pay the missed payments. In that case, I don't think you would be able to save the property.

Feel free to ask if you've further queries.

Sussane

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

I'm incredulous that the lender wouldn't abide by the terms of the mediation. I'm assuming, of course, that whoever mediated was making a ruling that would have been favorable to you. In light of what you've described here, I'd have to think that was the case; but I'd also want to think that the lender had enough sense to understand they're in a losing situation, at least in part due to their obstinance.

Call your US Senator or Representative (or both), call the Attorney General where you live, call your state representative...keep at it. At least you've got a few months before "finality" hits.

Prepare for the worst, but keep striving to see if you can work out this issue to your benefit. I hope you're able.

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

i live in virginia and i wanted to know if my future ex husband foreclose on his house will the mortgage company come after me and if he did foreclose will my credit be affected.

My credit was not use to obtain a loan only his credit history and score was use.
thank you

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

Mr George M. Akerley
I am a mortage banker and have been in the industry for 9 years. I am federally bonded by my bank in all 50 states. 1st - As opposed to giving wreckless answers that do not apply for all mortgagors and vary from state to state why dont you start by asking or replying back to these people who look for asnwer by 1st asking if they are in a "marital state" . I would suggest to all that are looking for answers to look online on any search find out of your state is a "community" or "marital state".

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

I suppose, Guest, that you've only read a couple of my posts on this site. Had you taken the time, you'd see that I more often than not clearly state my lack of expertise in dealing with cases where posters cite their residence in community property states. I don't pretend to know anything about that, and I certainly don't feel that my answers are wreckless. I dare say that virtually every answer given on these forums is specific to the question at hand and would not necessarily apply in a different state than the poster asking.

Your final sentence is right on, I believe. I agree that a person inquiring here would be wise to have a little ammunition before seeking advice from such a wide-ranging population as exists here at MortgageFit. Unfortunately, lack of sophistication is rampant, and for many this is the first stop on the road to discovery.

If you're truly "federally bonded in all 50 states," why not sign up and join us on this journey. As you might have noticed, there's a need for expertise around here.

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

if the note is signed only by the husband but the house is in the wifes sole name can the house be foreclosed by the lender?

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

Welcome Guest,

It will be difficult for the lender to foreclose the property. The wife may ask for compensation if the lender tries to foreclose the property.

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

my husband just passed on our deed of trust(home) he was the grantor it states married not joined herein by spouse. my name--- am executing this deed of trust solely to subject the property herein to the lien of the deed of trust,i am undertaking no personal responsibilty for the payment of the debt secured hereby.My husband had no will i want to keep our home .i live in the state of MS.what should i do??the house is Not paid for we had a 30year morage.we have lived in our home for 11 years.

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

Hi elsie,

If you want to keep the property, you will have to pay the mortgage or else the lender will foreclose the property. You can assume or refinance the mortgage in order to get the mortgage transferred in your name.

Thanks

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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

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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.

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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

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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

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