Comments on: Do You Know the Difference Between a Note and a Mortgage?

By: Nana Lisa

Nana Lisa — Fri, 13 Jan 2012 14:26:02 +0000

If you are on the mortgage and the deed but not on the note and the property is foreclose on, what is your liability? Will it be on your credit report? thanks

By: Shou-Mei

Shou-Mei — Sat, 17 Dec 2011 07:56:17 +0000

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By: Greg

Greg — Thu, 15 Dec 2011 16:55:40 +0000

Is a Adjustable Rate Note valid if the only signature any where on the document is that of the “borrower’s?

By: federal loan consolidation

federal loan consolidation — Fri, 30 Sep 2011 04:06:21 +0000

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By: Joan R

Joan R — Sun, 04 Sep 2011 22:28:59 +0000

Quick Question but complicated:

My husband and I purchased a home for my daughter who is now 25; she is the only one living in the home and pays all the bills and taxes, etc. and has for the past 5 years. The interest rate is 6.25% because it shows as a secondary home of ours; we have been trying to get a refinance at a lower rate with difficulty because although the mortgage is in all 3 of our names, her name is not on the note. It is considered a secondary home of ours even though it is not. Also, the home has decreased in value so approx. $20,000 more is owed on it than it is worth – is there any way to get her interest rate reduced because she is the primary resident and owner basically. Thank you for your help. We have applied to most everything and given all of our private information out in order to try to help her but have not gotten anywhere.

By: Junior

Junior — Fri, 17 Jun 2011 06:27:03 +0000

I have a concern; what is the difference between a hard money lender and a note buyer?
Let’s assume that I want to purchase an investment property for which I need financing. Is it the same thing if I ask for money to the hard money lender as if I tell the note buyer that I have a note for him, and I purchase a property and at the closing table pay with his money?
I guess I am confused of the role of a hard money lender and a note buyer. Can you help me clarify please?

By: Michael Bergin

Michael Bergin — Tue, 05 Apr 2011 23:10:47 +0000

Carol -

I would love to help you but I am NOT an attorney and cannot offer legal advice of any kind. Your best bet is to consult a settlement attorney and get information that is specific to your location and situation.

Best,
Michael

By: Carol Patterson

Carol Patterson — Tue, 05 Apr 2011 02:07:30 +0000

I am trying to get some answers to a few questions. When I bought my house I was the only one listed on the loan (mortgage note). The Mortgage (security instrument) has both me and my husband. The deed has only my name, I checked today at my local probate office and she looked it up in the books. My question is since my husband’s SSN is not linked with the mortgage note can he be held liable if the mortgage goes into default? The mortgage company reports to the credit bureau on me but there is nothing on my husband’s at all. The initial loan application also has under “Name(s) title will be held under” it has both me and my husband as husband and wife and then beside it says “joint tenants”. What exactly does that mean?

Thanks,
Carol

By: Michael Bergin

Michael Bergin — Mon, 21 Feb 2011 02:05:11 +0000

Grant –

Your best bet is to consult a lawyer in New York and let him respond to the statutes in that state.

Michael

By: Grant

Grant — Sat, 19 Feb 2011 20:27:30 +0000

Hello,
My brother and I have a home in both our names. His name is on a note. We live in NY. If he has problems payingt he note will that be detrimental to me at all?

Thanks,
Grant