Will I be responsible for the mortgage debt?

[coolmom04]

I just read on another thread something about a filer thinking his wife would end up responsible for their mortgage if he filed...

That made me wonder.. my husband is filing alone. The mortgage is in his name only. We are not reaffirming. Is this a situation where the mortgage will then fall on MY plate? I am not sure about the whole community property stuff... or does that even apply to this situation?

The attorney didn't say anything about it, but now I am wondering.

[justbroke]

If the mortgage is in your husband's name, it wouldn't just become your debt. The issue many people are facing, in non-community property States or equittable distribution states, is that when both are listed on a mortgage/deed of trust and promissory note, then one spouse filing may leave the other spouse vulnerable to collection.

[coolmom04]

If the mortgage is in your husband's name, it wouldn't just become your debt. The issue many people are facing, in non-community property States or equittable distribution states, is that when both are listed on a mortgage/deed of trust and promissory note, then one spouse filing may leave the other spouse vulnerable to collection.

Hmm... I am listed on the mortgage as a "non-borrower" I believe but I am on the deed of trust.

[coolmom04]

I just double checked and I am indeed listed on the Deed of Trust along with my husband.

[justbroke]

You should be on the Deed of Trust because you are married, and many States require this by law. However, you are not the borrower on the Promissory Note. So, you don't owe the lender anything.

[coolmom04]

You should be on the Deed of Trust because you are married, and many States require this by law. However, you are not the borrower on the Promissory Note. So, you don't owe the lender anything.

Thanks JB

[helpinfla]

Mortgage Not Really A Mortgage

As most people understand it a mortgage is where you owe money on the house. They are wrong. The mortgage is the legal document that highlights who has ownership rights.

The NOTE is where the actual borrowing comes from. If you check your documents you will see both a mortgage and a note. In order to owe anyone any money your name must be on the note itself.

[fltoo]

A mortgage is the document that secures a lien on the house, the note is the IOU and the deed cites ownership.

To make things more confusing, the mortgagor is the party that gives the lien on the property (the borrower) and the mortgagee is the party that receives the lien. (the bank) Most people think it is just the opposite.