Reply by John E. Rogers on 3/23/13 10:56am Msg #462657
State specific. Ohio is a "spousal" state, so even though the actual spouse-borrower signs Note, non-borrowing spouse must sign mortgage, RTC, TIL, and several other docs. The non-borrowing spouse, as inheritor, is not responsible for the loan but assures the subject property is security for the loan. If borrower dies or couple is divorced or whatever, non-borrowing spouse has options to sell house and pay loan, re-finance house and sign a note, or whatever he/she decides. I am not an attorney so not exactly knowledgeable of all legal conditions involved. In short, non-borrowing spouse has dower rights. Hope this helps a little. Check your state's laws on this matter. jer-OH
|