Legal Question in Banking Law in Indiana
Name on home title and not on mortgage
If we were to refinance our current home with only my name on the note and both of our names on the title, is my wife still liable for the note should something happen to me?
Asked on 3/30/04, 5:34 pm
1 Answer from Attorneys
C. David DuMond
Law Offices of David DuMond
Re: Name on home title and not on mortgage
A mortgage company might allow only one spouse to sign the note, but it is highly unlikely that they would allow only one of the property owners to sign the mortgage. However, assuming your name is the only name on both the note and mortgage, your wife would not be liable for the unpaid balance of the note, but the mortgage company could still foreclose on the mortgage to the extent of your interest as determined by the court, then compel a sale and division of proceeds.
Answered on 3/30/04, 7:56 pm
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