one spouse only signed mortgage papers

[dave1946]

What is the name of your state?Michigan
What happens to the loan when only the husbond signed the mortgage papers and now the credit company wants the wife to sign 5 years later and she says no. And after checking with the register of deeds there has not been any mortgage ever filed. Is the bank out the monies? What can they do? ect.

 

[seniorjudge]

What is the name of your state?Michigan
What happens to the loan when only the husbond signed the mortgage papers and now the credit company wants the wife to sign 5 years later and she says no. And after checking with the register of deeds there has not been any mortgage ever filed. Is the bank out the monies? What can they do? ect.

Q: What happens to the loan when only the husbond signed the mortgage papers and now the credit company wants the wife to sign 5 years later and she says no.

A: Read the mortgage; if it says that the lender may ask for extra collateral or extra people signing, then wife has to sign.


Q: And after checking with the register of deeds there has not been any mortgage ever filed. Is the bank out the monies?

A: No, not if you borrowed the money.


Q: What can they do? ect.

A: If you don't pay, the lender can foreclose on the land and take it back and you will have to pay any deficiencies.