Legal Question in Real Estate Law in Missouri

I have a property in Missouri I am refinancing. Lender is requiring my wife to sign as a borrower on the closing docs. They state it is a state requirement and assure us that she is in no way responsible for the mortgage as this is a property I owned well before our marriage. She has never been on the deed either. However, they have her listed as Borrower on the closing package. I am unsure if she should sign since the paperwork states that she is a Borrower on the Mortgage. Is the lender pulling a fast one? Please Help?

Asked on 5/16/13, 2:22 pm

1 Answer from Attorneys

Anthony Smith LawSmith
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State law gives your wife an interest in the property should you divorce (or at least this property would be taken into account in the division of property). Therefore, it is common to have the spouse acknowledge that the other spouse is encumbering the property with the mortgage lien. State law does nit require her to become a borrower. If you are concerned, and the insist that she be listed that way, have the lender execute a waiver of her personal liability for the debt. If they won't, find a different lender.

Good luck

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Answered on 5/17/13, 5:14 am

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