Legal Question in Real Estate Law in Florida
Mortgage signer but not note signer
Hi - I am wondering what it really means in Florida to be a signer (borrower) on a home mortgage, but not on the promissory note. 1) Is it possible to sign the mortgage, but not be on the note, 2) what benefit does this have and to whom? 3) what financial responsibility does this represent? 4)in the event of divorce would one party need to refinance to remove their name from the mortgage? 5) if the name is on the mortgage but not the note was that person's credit rating etc used in order to approve the loan?
thank you for any info you can provide
1 Answer from Attorneys
Re: Mortgage signer but not note signer
In Florida as an owner of the property you may sign the mortgage and not the note. If you don't sign the note whether the mortgage is repaid or not is not reflected on your credit report. By signing the mortgage you are perfecting the lien of the mortgage on the property. The fact that you signed the mortgage is not important in the event of a divorce. The person who signed the note is responsible for repayment.
Generally the reason for one spouse not to sign the note is that their credit score is lower than their partner, and the couple can get a better note rate by only one spouse signing the note.
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