Legal Question in Real Estate Law in Massachusetts
Deeds & Mortgages
I am on the deed along with my husband. The Mortgage is in his name. I had to sign agreeing to the refinance since I was on the deed. If the mortgage goes into defualt, where do I stand and can it be forclosed with my name on the deed but not the mortgage?
2 Answers from Attorneys
Re: Deeds & Mortgages
If you signed "agreeing to the refinance", you probably are on the mortgage. I would go to the Registry of Deeds and look at the mortgage to be sure. If you are NOT on the mortgage, where you stand would depend on the nature of your ownership; that is, are you a "tenant by the entirety", a "joint tenant", or "tenant in common"? Check the deed and if it does not say specifically, then you are probably a joint tenant, meaning that you have an undivided one-half interest in the property. The mortgage lender could PROBABLY foreclose on the entire property, but would PROBABLY have to give you half of any money it got ABOVE the mortgage. Some legal research would be needed to be sure about this.
Re: Deeds & Mortgages
The most likely situation is that you signed the mortgage but the loan is in his name. I know of no mortgage company that will make a loan without all owners of the property signing the mortgage. The loan may only be in his name.
If my assumption as above-described is correct, then if your husband defaults on the loan the mortgage company will foreclose.
however, to be sure of yoour position you should take a copy of the closing package you received to an attorney to review.
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