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Mortgage and Note |
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What is the difference between a mortgage and a note? Is it possible to be on a mortgage but not on the note so that I'm not responsible for any money owed? If the house goes into forclosure would I be responsible for the money owed if I'm not on the note? |
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When you sign a note you're making a personal promise to repay the loan. When you sign the mortgage you're saying "and if I don't repay the debt, you can take my house and have it sold to get your money."
If you're not on the note, you're not personally liable for the debt. You might lose the house if you didn't make payments, but no one could come after you for any shortfall. But --
I don't think a lender will give you the money in the first place if you don't go on the note as well as the mortgage. |
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Edith
Originally published on August 16, 2008 |
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