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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.
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What happens if the wife is on the mortgage and not on the note and the husband dies?
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
Are you responsible for loan debt if you are on the deed to house but not on the loan?
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
Can two people own the house but one have the mortgage?
A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
Is a mortgage note invalid without the lender signing?
No, it is still valid
What happens if the wife is on the mortgage and not on the note and the husband dies?
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
Are you responsible for loan debt if you are on the deed to house but not on the loan?
No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.No. Not unless you signed the note. However, the lender may have the power to take possession of the property by foreclosure if the mortgage loan isn't paid.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
Can two people own the house but one have the mortgage?
A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
Can a mortgage be based on an unenforceable contract?
A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.A mortgage is a legally binding agreement signed by the owner of real property by which the owner transfers their property to the lender as security for a loan. There is a note associated with the mortgage. The note obligates the borrower to pay the loan at a specified interest rate within a specified length of time, or in some cases, on demand.There are factors that could make a mortgage and noteunenforceable such as when a lender does not make certain the mortgagor is the legal owner of the property.You can add details on the discussion page to explain what you mean by a mortgage based on an unenforceable contract.
Only one spouse on mortgage are both responsible for foreclosure?
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
What is a mortgage assigned?
A mortgage assignment is a legal document whereby a lender transfers all its rights under a note and mortgage to another lender. The property owner continues to make their payments to the new owner of that mortgage.
Is a promissory note valid if initials are forged?
A promissory note must be signed by the borrower. The document is not valid if it is a forgery as with any signed document.
in a real estate transaction what does the note contains?
The note is a signed contract that contains all the provisions attached to the repayment of the loan to purchase the property. That includes the amount, the interest rate, the date when the debt must be paid, etc.The note is accompanied by the mortgage. It gives the lender the right to take possession of the property in the case of a default.The note is a signed contract that contains all the provisions attached to the repayment of the loan to purchase the property. That includes the amount, the interest rate, the date when the debt must be paid, etc.The note is accompanied by the mortgage. It gives the lender the right to take possession of the property in the case of a default.The note is a signed contract that contains all the provisions attached to the repayment of the loan to purchase the property. That includes the amount, the interest rate, the date when the debt must be paid, etc.The note is accompanied by the mortgage. It gives the lender the right to take possession of the property in the case of a default.The note is a signed contract that contains all the provisions attached to the repayment of the loan to purchase the property. That includes the amount, the interest rate, the date when the debt must be paid, etc.The note is accompanied by the mortgage. It gives the lender the right to take possession of the property in the case of a default.
Does the spouse have to sign the mortgage in PA-Hubby is the one on the mortgage but bank states wife has interest in property so she must sign. Does that mean she has to be a co-applicant?
Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.
