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Thomas McJD
Thomas McJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 6516
Experience:  Real Estate Attorney
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My husband and I refinaced our mortgage back in 2008. My credit

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My husband and I refinaced our mortgage back in 2008. My credit wasn't that great at the time, so we were told to do a quit claim deed. Actually I as the wife did the quit claim deed. Bad decision on my part. Well anyway, My husband is on the mortgage note. If I quit claim deeded the title to him then why Am I on the mortgage.

TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

I'm sorry to hear of your situation. I can explain why you're on the mortgage even though you're not on the title. In NJ, there is a right to joint possession of the principal marital residence. That means that the spouse has rights to the property even if not on title. As such, the lender required you to also be on the mortgage so that they would have the right to foreclose against all interests in the event of default on the loan.

Customer:

Ok, so if My husband defaults on the loan. this means that I would be sued also. I am considered an interest.

TMcJD :

Yes, unfortunately, it would mean you would also be sued. That is because you have an interest in the property if it is your principal marital residence. They would have to foreclose that interest in addition to the title ownership interest. I wish I had different news for you. I really am sorry that you're in this situation. I know it is very frustrating. Please let me know if I can be of further assistance. Thanks.

Customer:

Can you send me the link that states this information. But the only thing that puzzles me is that I am not on the note. I heard exactly what you said but i just feel bewildered about that.

TMcJD :

You wouldn't need to be on the note. That's just who owes the money. You would need to be on the mortgage though for the reasons noted.

TMcJD :

https://www.nationstarbroker.com/documents/NSM_MaritalSignatoryTable.pdf

TMcJD :

The link I provided discusses the law in all states concerning when a spouse must sign and when not as regards XXXXX XXXXX This applies also in cases where loans are involved, which requires spouses to join in the mortgage in those states where it is indicated, including NJ.

Customer:

okay I like your style. nice and easy going straight to the point. Have a great night!tytlye

Customer:

I meant night!

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