My husband and his sister purchased a home. I was not informed of this and had nothing to do with it. They are the only two listed on the deed. They went to get a mortgage loan modification and the mortgage company stated that I have to sign the loan papers because it is the law. How is that when I am not on the deed?
4 Answers from Attorneys
From the information provided it does not seem that you would have to sign the loan papers. Please contact my office as I will need more information to properly advise you. Best regards,
Keith Singer, Esq. 732-749-3700
You should have a lawyer look over any papers that you sign on a matter as important as a real property mortgage. I think that the reason why the mortgage company wants you to sign the mortgage even if you don't sign the note is that a spouse in NJ automatically obtains certain rights in all property that is acquired during the marriage. So, even if a spouse is not to be liable for the debt because he/she has not signed the note, the lender still needs to ensure that foreclosing the mortgage will extinguish the non-obligated spouse's rights. That is a legitimate reason why a lender may want you to sign. It is definitely not "the law" that you must sign but, if you don't, the lender will probably not lend the money.
Don't be badgered into signing. You should satisfy yourself that the loan is in your best interest and have a lawyer review any document that you don't fully understand. Real property transactions are the largest financial deals that most people ever make. It is foolish to become involved in a debt without knowing exactly what your role and responsibilities are.
See also: http://info.corbettlaw.net/lawguru.htm
The first question is whether or not this is your marital home with your husband. If it is you have to sign the mortgage but not the note. You should retain legal counsel before doing anything.
Do not sign anything until you talk to a lawyer. And he MUST give you a copy of all the papers first, so the lawyer can look at them.
I can explain things in detail in person after we talk. I will explain what legal issues I see, and what I can do to assist you.
This will be a free consultation. After we talk, you can decide what you would like to do.
Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Robert Davies, Esq. 201-820-3460
The Davies Law Firm, P.A.
45 Essex Street, Suite 3 West
Hackensack New Jersey 07601
AND NOW THE DISCLAIMER:
Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.