Q: Refinancing mortgage w/o spouse. She has alot of debt. If by signing a disclosure statement make me liable for her debt?
She was not on original loan. We were not married when I got the original loan. I don't want her to sign anything with me because I don't want her debtors to come after me.
A:
If you are simply refinancing a sole debt and again will be the sole debtor, why would you think you would be taking on your spouses other debts? Please appreciate that many lenders have not 'caught up' with the fact that women no longer have dower rights in Michigan and many still require wives to sign off on husband's property if there is going to be a lien against it. Again, because SHE has agreed to allow your property to be used for collateral on a debt, you are not opening yourself to her debtors for her SOLE debts.
If you don't understand something DO NOT SIGN IT. Take whatever documents you are concerned about to a local real estate lawyer to review to determine exactly what the document will do.
We can't provide legal advice in this sort of forum, so it is important to seek local legal help if you have questions. Reviewing a single document and providing advice shouldn't be too expensive ... and the peace of mind will be invaluable!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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