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I am a mortgage broker and the answer to this question lies in the section of the mortgage document entitled: Joint and Several Liability. No you are not responsible for the note. The promissary note is the promise to pay. The mortgage clause will say that any Any borrower who co-signs the mortgage (security instrument) but does not execute the Note is co-signing only to mortgage, grant adn convey his/her interest in the property and is not personally obligated to pay the sums secured by the mortgage... this goes for the signer of the note extending or modifying the mortgage by perhaps getting a home equity line. You are not obligated financially. Are you on the title? That is the question. If you are on the title you own the home without any financial responsibility for the home and both of you on the Title must agree to sell the home, and one without the other cannot convey their interest in the property.

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โˆ™ 2015-07-15 19:21:23
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Q: If your name is not on the promissory note or equity line for a home your husband owns are you responsible for them if your name is on the mortgage?
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Related questions

I pay the mortgage but my husband paid for the house is it my house?

If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.


Who pays your home equity loan when you die?

Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.


Are you responsible for the difference of equity on an upside down mortgage?

Yes, you are responsible for the loan amount (you signed the papers for the loan)


What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?

No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.


Can you use a home equity loan to pay off your existing mortgage?

Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.


What is a Paramount equity mortgage?

A Paramount Equity mortgage can be described very simply. One of the best ways to describe this is simply a mortgage through the Paramount Equity company.


What happens to your home equity line of credit when you default on your home loan?

If you mean that there was a mortgage recorded prior to the home equity mortgage and the first mortgage is foreclosed then the equity mortgage would be wiped out by the foreclosure. If you default on a home equity mortgage then the bank will foreclose and take possession of your home.


Can your in-laws apply for the mortgage using their credit score even though your husband and you would be making the payments and how soon after that can you switch it into your names?

If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.


What is a paid off portion called on your mortgage equity?

equity


What is the purpose of an equity home loan mortgage?

An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.


Can you take out a home equity loan if you have a prepayment penalty if you sell your home before two years after you purchase it?

Yes, as long as there is equity to use. The lender that will do the home equity loan will have figured the prepayment penalty into the 1st mortgage balance just in case you do sell your home before 2 yrs. are up. The lender will ask for specific paperwork including your mortgage (promissory note) so they will know about the prepayment penalty.

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