No. of Recommendations: 0
Donna405: "Mortgage/Deed of Trust - the security instrument. Here in SC, if the wife's income is not included in the calculations, the note is signed by the husband only. If the property is in both names, both husband wife sign the security instrument. If the wife is not a co-owner, she would not appear on the security instrument; however, I have seen a couple lately where the lender required the wife to sign, although she did not hold title. (Why? Don't ask me. Even the lender could not answer that question.)"

So we are in agreement.

"JA, I agree with you. However, the lenders are becoming so leery, they are doing strange things, even though we advise them they are wrong. But, it does no harm for the party not owning a vested interest in the property to also sign the security instrument."

I would suggest that it would depend upon ow the Mortgage/Deed of Trust is written.

For example, if the Mortgage/Deed of Trust contained a representation that "each party who executed this Mortgage/Deed of Trust owns an undivided interest in the Property" then the non-owning party is in breach from day 1; and if there is no notice and cure peiord for breach of representation/ misrepresentation, then the lender can default and accelerate more or less at will.

Regards, JAFO
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.