Legal Question in Real Estate Law in New York

Re: On deed but not on mortgage, responsible for payments?

Wife is not liable for payments. However, since she is on the mortgage, if there were a default in payment by husband, house could still be subject to foreclosure. If house were foreclosed, only husband should be liable if mortgage balance not paid.

Re: On deed but not on mortgage, responsible for payments?

The mortgage copmany required you to be on the deed becasue you are married and they want the world to know that that lien filed in Goshen with the County Clerk is on a parcel that is owed by two people that have legal rights as bewteen themselves.

That being said, you are not responsible for the payments but if the payments are not made, and foreclosure is started, you will lose just as much as he does. So make sure that payments are made. Feel free to contact me with further questions

Good Luck

RRG

Re: On deed but not on mortgage, responsible for payments?

If husband does not pay the mortgage, both husband and wife can lose the property to foreclosure. Although, the husband, or named mortgagor, will be the only party subject to a deficiency judgment, if any, after the foreclosure sale.

Good luck,

Phroska L. McAlister,ESQ

Re: On deed but not on mortgage, responsible for payments?

If both record owners are not parties to the mortgage, the lender could have problems foreclosing against the whole of the property. The debt obligation itself is evidenced by the note, not the mortgage, so only parties to the note, or guarantors thereof, can be personally liable for the debt. If the note/mortgage payments are not being made, or there is some other event of default, anyone interested in the property should consult with an attorney as soon as possible.