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I signed some closing documents with my dad, I signed the mortgage, but not the promissary note . . .?
If I only signed the mortgage, but my father signed the promissary note by himself, did I technically cosign? Am I liable for the debt if he defaults. This loan does not show up on MY credit report and the mortgage bills only go to him in his name.
6 Answers
- LandlordLv 71 decade agoFavorite Answer
It sounds like you co-signed. You would not hear anything from the bank unless he defaults, in which case you have agreed to make his payments for him.
- Anonymous1 decade ago
Are you sure you didn't just sign the property deed? If you had signed the Deed of Trust the lender would require you to sign at least the note if nothing else which would make you liable. However if you only signed the purchase deed you have rights to the property but are not liable for the mortgage.
Source(s): mortgage broker - Anonymous1 decade ago
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- biancaLv 41 decade ago
in my opinion you are only on the title and not on the mortgage, so you are not responsible for the mortgage payments, but technicly you own 50% of the house.
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- Anonymous1 decade ago
It sounds like you are a non-borrower, but have legal rights to the property. Do you live in a community property state?
- Anonymous1 decade ago
You're asking these questions AFTER you've signed?
