Legal Question in Real Estate Law in Michigan

I am about to refinance my home; it is in my name alone at the original time of signing, I am now married. I am still refinancing in my name alone. The mortgage company wants my new husband to sign certain docs; not the official note, just docs acknowledging the loan. We do NOT want him on the loan or the house still. What kind of general "waiver of obligation" language can we write in by his signature to assure he has no legal obligation on the note, in case of divorce, death, or any type of default?


Asked on 10/25/10, 8:26 am

1 Answer from Attorneys
Glenn Matecun Matecun, Thomas & Olson, PLC

See the following link -- it gives you the legal reason why the title company is asking your husband to sign the documents even though he isn't on title.

http://www.michbar.org/realproperty/LTS6/Chapter 5.pdf

The short version is that he is signing off on the Mortgage ONLY. Think of your refinancing in two parts: (1) the Mortgage, which is a lien on the property to secure the loan; and (2) the Note, which is the promise to repay.

He is signing the Mortgage in case the lender needs to foreclose. As long as he is not signing the Note, he is not responsible to repay the debt. There is no need to insert any "waiver of obligation" language in if he is not signing the Note. Good luck.

Glenn R. Matecun

Michigan Estate Planning Attorney | Michigan Probate Lawyer

www.MichiganEstatePlans.com

Toll Free: (888) 487-6150

DISCLAIMER: This response is not legal advice and does not create an attorney/client relationship or any right of confidentiality between you and the responding attorney. This response is intended only to provide general information. Attorneys cannot evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.

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Answered on 10/30/10, 10:39 am


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