0
Is there a legal way not to be responsible for a mortgage in yours and your spouses name?
Wiki User
∙ 13y ago
Predatory lending/fraud or egregious error on the part of the lender are the only ways to be held not responsible. If you entered into a legal agreement fairly and legally, the only way to not be responsible is to invalidate the contract by proving it was not made legitimately.
Another Perspective
The only other way is to be released from the obligation is to pay off that mortgage and refinance it in one name in the case of a divorce between the parties where one will keep the real estate.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Is it illegal to mortgage your spouses' retirement?
This is their retirement, not yours. It is for retirement and so you would need to evaluate if you are considering something that will contribute to their wellbeing.
In TN are spouses responsible for each others debt?
You are never legally responsible for any debt unless you specifically sign for that debt. If someone is trying to get you to pay a debt that you do not believe is yours, tell them to produce a copy of the document you signed.
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.
Can you get a second mortgage if the house is in yours and your wife's names?
Jointly
Is inherited property in Tennessee considered marital property for both spouses?
No, what you inherit is yours and not part of the marriage.
How will your ex-spouse's bankruptcy affect you if you had a joint mortgage which you are still responsible for?
Spouse's bankruptcyIt can. Since even a quit-claimed mortgage loan continues to show on your personal credit report, it MAY get a notation "included in bankruptcy" (if it was included). This will cause you problems because creditors will be looking at Your public records trying to justify that notation.Keep track of your credit. Yours is one of the few situations where inserting a consumer statement onto the bureaus would be a good idea.More input from FAQ Farmers:I think it's important to understand that you are talking about two different things: (1) ownership, and (2) liability. Signing a quitclaim deed means you transferred ownership of the property to your ex-spouse, so the deed will only be in your ex-spouse's name, but this in no way transfers your liability on the mortgage document to your ex-spouse. The mortgage lender will still hold you both responsible for the mortgage regardless of whose name is on the deed since both of your names are still on the mortgage document. And, even if the divorce court ordered one spouse to be responsible, in Indiana at least the mortgage lender can normally still sue both spouses if there is a default on the mortgage. I'm only licensed in Indiana, and if you were in Indiana, my guess is that if your ex-spouse filed bankruptcy on the mortgage, the fact that you quitclaimed the house will not stop the mortgage lender from pursuing you for payments. Of course, different things might happen in different states since each state has their own laws on the subject. Please keep in mind that this in no way constitutes legal advice but is just my take on the hypothetical facts.More information:Secured debt, such as a mortgage loan, will not be included in the bankruptcy. If the mortgage loan is still in joint names with your ex-spouse, she will remain liable for the debt, and jointly responsible for its repayment.
If im considering getting married to a woman and she already has a child who is 10 years old if I marry her am I responsible for the child financially?
You are not responsible for maintainance for the child because it is not yours biologically. However you will be responsible for some of your wifes costs of living expences, mainly the costs of her accomodation, which means that you will have to pay for either her rent or mortgage, in order for her to still be able to accomodate her child,( unless she is financially capable of paying for it herself) this rule would not apply if she did not have a child. But you really should get legal advice !! Paul
Is a mortgage valid if a notary never saw us sign it but just notarized the documents the next day when we gave it to him?
As far as the lender is concerned the mortgage document is legal. If your signatures are on that document, you have assumed responsibility for the mortgage. If you are contesting the validity of the document because of the notary's action, I don't think it will fly unless you want to claim that the signatures are not yours. And you don't want to do that. As long as you have willingly signed, the mortgage document will be good.
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
If you are not on the mortgage can you be on the deed so in case of death of owner the house become yours?
tony
You are on the title not the mortgage what are your rights?
If you own an interest in the property and didn't sign the mortgage then your interest isn't covered by the mortgage. Assuming only the co-owner signed a mortgage, in the case of a default the bank could only foreclose on their interest, not yours.
My divorce decree relieved me from the mortgage but now I am being held responsible. What can I do?
Divorce decrees are not binding on banks. If you signed for the line of credit the bank can hold you responsible for paying it. In a situation such as yours, this issue should have been addressed by having the spouse refinance the loan in their own name and pay off the existing mortgage that you signed. That should have been incorporated into the divorce decree. You should calll the attorney who handled the divorce to see what your options are now.
