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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45639
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My husband owned our home before we married. He has gone to

Customer Question

My husband owned our home before we married. He has gone to refinance on his own however the lender requires I sign the mortgage not the actual loan. I don't want any liability for the house and although the mortgage has a provision that states I would not be responsible to pay back the loan I'm uncomfortable signing a mortgage document that calls me a borrower. We live in ohio. What are the implications of me signing the mortgage?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

RE Att. & Developer :

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Customer: Hello
Customer: Are you there?
RE Att. & Developer :

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.

RE Att. & Developer :

Yes, I'm sorry..I was typing my response.

Customer: no problem. Does this prevent me from buying another home in my name? For example we are looking to buy a new home within a year. Will this reflect as if I already own one?
RE Att. & Developer :

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.

Customer: Thank you. Just want to understand any risks in me signing the mortgage.
RE Att. & Developer :

You're welcome...it's been my pleasure to help. And, thank you so much for allowing me to help you with your questions. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: just to be clear there are no risks in me signing the mortgage?
RE Att. & Developer :

That is correct. Just make sure you don't sign the note itself. :)

Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45639
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 13 other Real Estate Law Specialists are ready to help you

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