Expert: Dennis Herman - 8/26/2009

Question
QUESTION: I signed the mortgage with my wife and now we are separated. she does not work and I am responsible for child support. We own a house and we are trying to modify the loan. Because she does not receive any income only the child support, i was told by the lender that even though i did not signed the note, they will use my income and I am responsible for the loan too because I signed the mortgage. Is this true? thank you

ANSWER: The answer depends on which state you live in.  In Wisconsin, husband and wife are co-owners of all property.  Were you present at the closing for the house?  If so, you would have signed the mortgage papers.

I am not sure what you mean by the NOTE.  Are you referring to the title or the mortgage application?  In Wisconsin the marriage partner owns half of everything the other partner owns once the marriage license is signed.  I am not sure how your state views property in a marriage.  

You may want to search the Internet for MARRIAGE LAWS and the name of your state.  Many sites contain a brief list of important aspects of the law.

Hope this helps.

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QUESTION: I am leaving in Florida and what i meant by Note is the promissory note. She signed that only. I signed to be in the title and other few document. the lender said that I signed the mortgage. In addition, the lender used only her credit when she was buying the house. Now that she want to modify ,they want to use my income and make me liable for the loan

Answer
It just so happens I had an experience in FL.  I married my wife in Miami, the following day we closed on the sale of her house.  I had to sign the papers for the sale because in the state of FL I owned half of everything she owned.  

Many times lenders will use only one credit score and income to get a loan approved.  This does not mean you are not responsible for the loan.  You own half the house and therefore half the mortgage.  

In a divorce there are many options.  Your attorney can go over these options and explain them to you.  When I was divorced my attorney was able to remove my ex-wife's name from the title but her name remained on the mortgage.  It may pay to have a good attorney.