Real Estate Law
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Sandra. You really need not worry. The loan application will often times look like this because each of you will be jointly and severally liable for repayment of the loan and therefore the lender basically separately qualifies each of you. Being jointly and severally liable means that the lender can pursue either of you for the full amount of the loan balance if the loan goes into default to get full payment if one of you is unable to pay. But, the lender cannot collect more than what is owed; i.e., the lender can't collect from both of you. When the actual loan documents come out, there will be just one promissory note setting forth the terms of repayment and one mortgage document giving the lender a lien on the property in the event of a default.
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