Legal Question in Real Estate Law in Massachusetts
If a married couple has a mortgage on their home but only one spouse has the mortgage in their name does that mean that the spouse with their name on the documents is the only one legally bound by the debt?
Asked on 7/24/13, 1:54 pm
1 Answer from Attorneys
there are two elements to a Mortgage Debt, the Note and the Mortgage. The Note may be in only one parties name but the mortgage if owned by husband and wife at the time is in both names. Assuming that is the case, the lender can foreclose on the mortgage, but only the one who signed the Note is liable for the Note if there is a short fall.
If the husband put the wife on the deed after the mortgage was recorded, the Mortgage still has priority over the wife's interest in the property.
Answered on 7/24/13, 2:18 pm
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