Legal Question in Real Estate Law in Florida
I was on a land deed with Joanne for 2 years. Mary then purchased Joanne's interest in the land. Mary had to get a promissory note and mortgage note. Mary signed the promissory note - her name only. The bank made me & Mary sign the mortgage note. Mary is now also on the deed.
The land is now in foreclosure because Mary defaulted on the promissory note / mortgage.
My question is - am I responsible for the promissory note? Will a possible lien be again me? The bank keeps saying I am on the mortgage - so yes. But, I don't understand why I would be responsible when I did not sign any promissory note - hence this is not under my social security number, not does it show up on my credit report.
Thank you for any information.
1 Answer from Attorneys
If you did not sign a promissory note, then you don't have to pay it. However, since you are on the mortgage, and you are an owner, they have to include you as a defendant. The foreclosure may (will?) show up on your credit report in the future.
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