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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 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
Posted on: 24th Jan, 2012 11:35 pm
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
Posted on: 09th Apr, 2012 11:41 pm
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.
Posted on: 10th Apr, 2012 11:51 pm
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
Posted on: 02nd Nov, 2012 08:52 am
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
Posted on: 04th Nov, 2012 10:55 pm
I helped a frined purchase a home and went to closing and signed all docuemtns as she did. Somehow the loan never showed on any of my credit reports. The problem is now she wants to get a modification and the bank is saying(she says) that I have to sign as well. If my name is not on the loan why do I have to sign for the modification?
Posted on: 17th Apr, 2013 05:02 pm
Hi Latoya!

Welcome to the forums!

A similar query has been replied to in the given page: http://www.mortgagefit.com/Dealing-with-Mortgage-Problems/Should-I-sign-modification.html . Take a look at it. I hope it will help you.

Sussane
Posted on: 17th Apr, 2013 11:00 pm
My ex to be want me to sigh. Truth in lending and my name is stated as a mortgagors should I sign it. Will affect anything when it is time for me to buy a house
Posted on: 26th Jul, 2013 04:55 pm
Hi Julia,

If you sign the mortgage docs, then you will be considered as a co-borrower of the loan. You will be equally liable for the mortgage payments. In that situation, you may not be able to get another mortgage solely in your name.

Thanks
Posted on: 28th Jul, 2013 11:15 pm
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