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Old 06-13-2015, 06:50 AM
 
1 posts, read 1,451 times
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I am a wife living in florida in our Primary home. My husband coerced me into signing a mortgage( refinance) of a rental property in Dayton , Kentucky...no one explained my liability. I am Not on the deed BUT had to sign as his wife. I want No part of this house.. I am wondering what my >Liabality might be should He die First. What can I do about getting off this mortgage ( or selling the house as quickly as possible) The house has been on the market for Years and has drawn very little interest.
What can I possibly do about this, Divorce?? I was not married to him when he bought the house and was not on the original mortgage

Last edited by cathi555; 06-13-2015 at 06:54 AM.. Reason: added info
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Old 06-13-2015, 07:52 AM
 
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Well if you want to get a divorce, get one. But I'm sure its for other reasons. When you negotiate the divorce, this property will be taken care of. Sold, sold for a loss, foreclosure, buyout, etc.

If you want to remain married, and he does die, its likely you will inherit the house and can sell it for any price you want. Yes, you will be liable for the mortgage because you signed for it.

If you cant talk to your husband about these things may I suggest couples counseling and discuss it there.
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Old 06-13-2015, 09:13 AM
 
Location: Phoenix, AZ > Raleigh, NC
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May I suggest an attorney? Whether you want the divorce or not, you're gonna need one. Probably a Kentucky attorney.
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Old 06-13-2015, 09:19 AM
 
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An attorney does NOT have magical powers.
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Old 06-13-2015, 12:35 PM
 
Location: MID ATLANTIC
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When you say you signed the mortgage, you provided your social security number, gave the lender pay stubs and so on, correct? Have you had your credit pulled to confirm it's there? I only ask because you freely admit you were not aware of what you signed, some states require the spouse's signature not for liability, but for marital laws.

Now the interesting part if you do divorce. What was his before the marriage is typically his after the divorce.......but if he enlisted your help for liability, he very well may have messed up his claim. One thing is certain, you can easily force a refinance or sale to get your name off the loan.

Good luck!
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Old 06-13-2015, 02:40 PM
 
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Quote:
Originally Posted by SmartMoney View Post
Now the interesting part if you do divorce. What was his before the marriage is typically his after the divorce.......but if he enlisted your help for liability, he very well may have messed up his claim.
Maybe if there was a prenuptial contract.
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Old 06-13-2015, 02:45 PM
 
Location: Phoenix, AZ > Raleigh, NC
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Quote:
Originally Posted by 399083453 View Post
An attorney does NOT have magical powers.
Of course. But clearly the lady needs help and REAL advice. And unfortunately, that's going to require an attorney who knows the state real estate and marriage laws in Kentucky.
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Old 06-13-2015, 03:04 PM
 
Location: Boca Raton, FL
4,851 posts, read 8,321,656 times
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Smile Refinance question

Quote:
Originally Posted by cathi555 View Post
I am a wife living in florida in our Primary home. My husband coerced me into signing a mortgage( refinance) of a rental property in Dayton , Kentucky...no one explained my liability. I am Not on the deed BUT had to sign as his wife. I want No part of this house.. I am wondering what my >Liabality might be should He die First. What can I do about getting off this mortgage ( or selling the house as quickly as possible) The house has been on the market for Years and has drawn very little interest.
What can I possibly do about this, Divorce?? I was not married to him when he bought the house and was not on the original mortgage
Cathi:
You said you signed the mortgage - did you sign the NOTE? The note is the document which makes you liable for the loan.

I'm in Florida but if it was the same transaction in Florida as you describe, you as the spouse would sign the mortgage, truth in lending form and there could be a couple of other documents from the lender, however, you would not sign the note if you were not on the deed.

Generally, lenders today require a person who is on the deed to sign the note. I'm a mortgage broker in Florida.

It sounds like you just had to sign a couple of documents - it makes you aware that a mortgage is being placed on a property your spouse owns. If you did not sign the NOTE, you should not be liable.
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Old 06-13-2015, 03:28 PM
 
6,319 posts, read 5,366,795 times
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Yeah I'd be going to a lawyer, stat.

Something isn't right.

Also, OP, perhaps learn a valuable lesson about personal responsibility. NO ONE is tasked with explaining anything. YOU are tasked with only signing what you actually understand and agree to.
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Old 06-13-2015, 03:33 PM
 
Location: Santa Monica, Ca
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Quote:
Originally Posted by cindersslipper View Post
Yeah I'd be going to a lawyer, stat.

Something isn't right.

Also, OP, perhaps learn a valuable lesson about personal responsibility. NO ONE is tasked with explaining anything. YOU are tasked with only signing what you actually understand and agree to.

Hindsight is... 20/20, but not too helpful in her present circumstance, but I am sure she appreciates the admonishment.
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