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I applied under my name to get best rate. My wife and I are

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I applied for mortgage under...
I applied for mortgage under my name to get best rate. My wife and I are on current deed. She is required (bank ) to sign off on mortgage, not note. She has a current judgement against her. What can be done to secure mortgage and not have to deal with judgement ( which will be uncovered in title search ).
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 3 minutes by:
6/30/2016
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,425
Experience: 20 years professional experience
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Welcome to Just Answer (“JA”)! My name is Maverick.

Please note: (1) If you want legal advice, you must consult with a local attorney in person before acting or deciding not to act based on any information given here; and (2) I answer most questions within the hour. However, if I am not signed on, please allow up to 24 hours. By continuing, you confirm that you understand and agree to these terms and JA’s site disclaimers presented to you earlier. Finally, please remember to assign a feedback rating to close out the question.

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Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

Since she is required to only sign the mortgage and not the note, there should be no problem in securing the loan even if the bank discovers that there is a judgment against her. What the bank is saying is that they don't much care about her credit history and outstanding judgments; however they want to make sure she cannot make any claims against their right to foreclose in the home in case you default on the note. So, her signing off on the mortgage is simply her promise [along with yours] that if you should default, the bank can foreclose on the home which is the collateral for the loan without being impeded by her name on the title.

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Customer reply replied 1 year ago
my wife's judgements found in title report will not be expected to be satisfied at closing.
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

1. What is your wife's judgment for? Was it for credit card debt?

2. I am not understanding how a judgment against your wife would show up on the title report of a new or used home that you are now buying which neither of you had anything to do with before?

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Customer reply replied 1 year ago
amex credit card and student loan. Both in past 5 years. Home purchased 10 years ago.
Customer reply replied 1 year ago
I discovered student loan issue when NY State Tax and finance held my 2015 refund.
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

I applied for mortgage under my name to get best rate.

1. When did this happen?

2. Are you trying to take out a home equity loan or refinance the home?

3. Was the home previously paid off?

My wife and I are on current deed. She is required (bank ) to sign off on mortgage, not note.

4. Was she on the original note?

5. I need more background information on what it is that you are trying to do.

She has a current judgement against her.

6. Why have the judgment creditors not already tried to foreclose on the property?

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Maverick
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,425
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Experience: 20 years professional experience

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