0
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Wiki User
∙ 16y ago
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
If you join into a mortgage as a spouse but are not liable for the underlying indebtedness will this affect your credit rating?
You need to discuss this issue with an unbiased professional. If you "join into" a mortgage you are indeed liable for the underlying indebtedness. Otherwise the lender wouldn't ask you to sign the mortgage. If the mortgage goes into default it will not only affect your credit rating but the lender can go after you for payment.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
How can a person be added to an existing mortgage?
go and make an appointment with your lender and ask them to add them on the mortgage. be careful if you default and dont pay (for whatever reason, redundancy, divorce, split etc) in the small print there will be the words 'joint and severaly liable'. this means that you are both liable for the full cost of the mortgage and they will chase both of you for the whole amount, and you are legally bound. its not 50/50. think carefully. my advice - dont do it
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
Will your husband be liable if the Home goes into default and the home is in the wife's name?
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
If you join into a mortgage as a spouse but are not liable for the underlying indebtedness will this affect your credit rating?
You need to discuss this issue with an unbiased professional. If you "join into" a mortgage you are indeed liable for the underlying indebtedness. Otherwise the lender wouldn't ask you to sign the mortgage. If the mortgage goes into default it will not only affect your credit rating but the lender can go after you for payment.
If you are added to mortgage but not title can other person sell?
You should not be "added to the mortgage" if you're not an owner of the property. By signing a mortgage you agree to be liable for payment of the underlying debt for property that you don't own. If the mortgage goes into default the bank will go after you for payment and your credit will be ruined.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
If you divorce your husband my name still on mortgage can I be liable for the foreclosure?
Yes. The best thing would be to either get the house in the divorce, or get everything, including the mortgage, signed over to your soon to be ex.
Are you able to still leave a mortgage in Minnesota after BK and not be liable?
Yes, you can walk away from a mortgage and not be liable for a deficiency (even in recourse states) if the mortgage was listed in the bankruptcy.
How can a person be added to an existing mortgage?
go and make an appointment with your lender and ask them to add them on the mortgage. be careful if you default and dont pay (for whatever reason, redundancy, divorce, split etc) in the small print there will be the words 'joint and severaly liable'. this means that you are both liable for the full cost of the mortgage and they will chase both of you for the whole amount, and you are legally bound. its not 50/50. think carefully. my advice - dont do it
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
Why does your husband have to sign closing papers when you bought a hose in the state of Kentucky?
If your husband is joint owner or jointly liable on the mortgage, then yes, he would need to be present and sign the closing documents. If he is not involved in the purchase, he would not need to be there.
Is California a non recourse debt state?
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
If husband took a mortgage on his home to buy daughter's home before he re-married will wife be held liable to pay this debt by selling the house in case of his death with or minus a will?
no, the only one responsible for payment is the name on the note, not the mortgage.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
