Q: Real estate: In the State of Florida--Mortgage note
In the State of Florida...we are buying a home...I am putting down half in cash...my husband took out a mortgage for the other half. We want the deed to be in both our names (husband and wife in entirety). the mortgage application is only in my husbands name........the bank wants me to sign the mortgage note along with my husband. Why should I be responsible for the mortgage note when I put down half the money to purchase the home? The bank said that the mortgage will not show up under my social security # or my credit report. We are NOT from Florida..I do not understand why I have to sign the note and agree to pay it back. Why cant it just be my husbands signature on the mortgage note.
A: A mortgage and a note are two different things, but they must both be signed by the borrower to get a mortgage. If the co-owner is not on the mortgage the co-owner still needs to sign the mortgage to acknowledge the property has a mortgage because the co-owner stands to lose their interest if there is a foreclosure. The note secures the mortgage and the bank would foreclose on it's note to be repaid. Hope this makes sense.
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