AmI responsible for repaying the loan on the house if I only signed the mortgage papers but not the bank note?
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AmI responsible for repaying the loan on the house if I only signed the mortgage papers but not the bank note?
My former fiance, now husband, was the only person whose name was on the note at the house closing; he was also the only person who signed the note. I was told at the closing I was signing the mortgage papers so I would be on the deed only, not responsible for repayment of the loan. My husband has filed for divorce and I was served papers by the court saying the mortgage company was suing me also.
Asked on August 1, 2011 Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Are you sure you only signed the bank note for the loan (mortgage) and not the promissory note secured by the your home through the mortgage?
If you only signed the mortgage evidencing the home's security for the promissory note then you are not responsible for paying on the promissory note. Only the people signing the promissory note are responsible for paying its terms to the lender.
However, if you signed the mortgage securing the promissory note where your home is security for the note, your interests in the home are pledged as security for the loan. Meaning, if payments are not made on the promissory note and the property is foreclosed upon, you could lose your interest in the home which is security for the loan.
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