Can a mortgage borrower be the only person on a morgage note and have their spouse listed with them on the deed and insurance?

UPDATED: Aug 9, 2011

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Can a mortgage borrower be the only person on a morgage note and have their spouse listed with them on the deed and insurance?

Asked on August 9, 2011 Indiana


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Yes, if the lending institution is willing to have you as the sole obligor on a loan secured by a trust deed or mortgage, one spouse can be the only one obligated. However, the lending institution will most likely require in such a situation that your spouse's name to the secured property be placed on title to it after the mortgage or trust deed securing the loan is recorded.

The rationale for this is that the lien for the loan would be senior to any title of your spouse in the proeprty and if the loan ends up being foreclosed upon, title to the property in your wife's name would be wiped out since it is a junior recorded document.

Once title is in your name and the mortgage or trust deed is recorded securing the loan, your wife's name can then be placed on title and she can be named as an additional insured regarding the property.

Good question.

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