Real Estate Law
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Good evening. As long as you don't sign the note itself, you will not have any personal liability for the loan. Signing the mortgage only means that you agree to the bank's lien and that if your husband defaults on the loan itself, the bank has a right to foreclose the lien. This is typically what banks require to insure that the spouse not on the title and not on the loan doesn't claim some kind of marital or homestead right in the home which would block foreclosure in the event the loan goes into default. BotXXXXX XXXXXne....it does not make you personally liable on the note.
Yes, I'm sorry..I was typing my response.
Thanks for your reply. No, this will in no way impact your credit rating or your borrowing capacity. Only if you were on the loan itself would this have any impact upon you.
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That is correct. Just make sure you don't sign the note itself. :)
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