QUESTION
If only 1 person in a party of three signs the note and all three sign the mortgage for real estate property, will all 3 be responsible for repayment?
Asked on Apr 19th, 2014 on Bankruptcy - Michigan
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
That is hard to say without looking at the paperwork.
Answered on Apr 21st, 2014 at 7:38 PM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
No, just the person that signed the note. The other 2 can lose their interest in the mortgage property.
Answered on Apr 21st, 2014 at 7:46 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Generally note, only the one who signed the note. However, the others have made their interest subject to the mortgage and cannot complain about a foreclosure and losing their interest if the note Signorello does not pay.
Answered on Apr 21st, 2014 at 7:45 AM