Why does florida require a married person to put thier spouse on a new mortgage .?
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Even if the other spouse is not on the loan florida requires them on the mortgage.Is there any way around this?
Why does florida require a married person to put thier spouse on a new mortgage .?I am assuming that you are talking about when both the husband and wife are owners of the property but only one of them (let's say the husband) is on the loan.
The mortgage is the security instrument for the loan. It says that the owners of the property acknowledge that if the loan is not paid then the lender has the right to foreclose on the property and sell it. In order for this security instrument to be effective, ALL owners of the property must sign.
By signing the mortgage the wife is not assuming responsibility to pay back the loan. She is merely giving her permission for the property to be sold to pay back the loan in the event her husband fails to pay. If the loan were for $100,000 and the husband did not pay it back, and if the bank foreclosed and was able to sell the property for only $80,000, the bank could sue the husband personally for the balance but could not sue the wife.
The only way I know of to avoid this is if the wife gives her husband a deed giving up all of her ownership interest in the property. Then her husband would be the only owner and would be the only one required to sign the mortgage. I strongly recommend that you NOT do this.
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