AmI responsible for repaying the loan on the house if I only signed the mortgage papers but not the bank note?

UPDATED: Aug 1, 2011

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AmI responsible for repaying the loan on the house if I only signed the mortgage papers but not the bank note?

My former fiance, now husband, was the only person whose name was on the note at the house closing; he was also the only person who signed the note. I was told at the closing I was signing the mortgage papers so I would be on the deed only, not responsible for repayment of the loan. My husband has filed for divorce and I was served papers by the court saying the mortgage company was suing me also.

Asked on August 1, 2011 Ohio


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Are you sure you only signed the bank note for the loan (mortgage) and not the promissory note secured by the your home through the mortgage?

If you only signed the mortgage evidencing the home's security for the promissory note then you are not responsible for paying on the promissory note. Only the people signing the promissory note are responsible for paying its terms to the lender.

However, if you signed the mortgage securing the promissory note where your home is security for the note, your interests in the home are pledged as security for the loan. Meaning, if payments are not made on the promissory note and the property is foreclosed upon, you could lose your interest in the home which is security for the loan.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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