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02-01-2006, 10:08 AM
| | Junior Member | | Join Date: Feb 2006
Posts: 1
| | | ALABAMA LAW Question-Who is Legally REQUIRED to sign a mortgage?
Example:
On a Warranty Deed there is John Doe, Sr. and John Doe, Jr. John Doe, Jr. has married and is refinancing the property which is his homestead. John Doe, Jr., Mrs. John Doe, Jr. and John Doe, Sr. sign off on the mortgage. Is there an Alabama Law Code to be quoted to show that John Doe, Sr.'s wife will not have to sign the mortgage, considering the mortgage states that the property is not the homestead of John Doe, Sr. or his spouse?
Thanks, Kerri |
02-07-2006, 10:03 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | Your terminology is absolutely confusing. If Jr. and Mrs. Jr. refied what does Sr. have to do with it now? Or can Jr. still not get the loan without Sr. and Sr. is on the new Mortgage? And what do you mean by "...signed off on the Mortgage".
So now that I have muddied the waters further ask the LENDER or the Atty you have that is representing you in this type of loan and with the involvement of a family member to boot. Read a little and you will see where one Papa now APPEARS to be screwing his son out of 11 years of payments or some such. |
02-07-2006, 10:07 AM
| | Senior Member | | Join Date: Dec 2005
Posts: 20,636
| | Quote: |
Originally Posted by Kerri Example:
On a Warranty Deed there is John Doe, Sr. and John Doe, Jr. John Doe, Jr. has married and is refinancing the property which is his homestead. John Doe, Jr., Mrs. John Doe, Jr. and John Doe, Sr. sign off on the mortgage. Is there an Alabama Law Code to be quoted to show that John Doe, Sr.'s wife will not have to sign the mortgage, considering the mortgage states that the property is not the homestead of John Doe, Sr. or his spouse?
Thanks, Kerri | The three are on the deed. Usually it requires people on the deed to sign off on the mortgage. If Alabama has dower rights then Mrs. Sr. will have to sign to subordinate her rights to the mortgage company. This is done so that if the mortgage goes into foreclosure, Mrs. Sr.'s dower rights cannot take precedence over the mortgagor's rights. The mortgage company wants to make sure they are in the position of priority to collect on the debt. |
02-07-2006, 10:14 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote: |
Originally Posted by Kerri Example:
On a Warranty Deed there is John Doe, Sr. and John Doe, Jr. John Doe, Jr. has married and is refinancing the property which is his homestead. John Doe, Jr., Mrs. John Doe, Jr. and John Doe, Sr. sign off on the mortgage. Is there an Alabama Law Code to be quoted to show that John Doe, Sr.'s wife will not have to sign the mortgage, considering the mortgage states that the property is not the homestead of John Doe, Sr. or his spouse?
Thanks, Kerri | It doesn't matter what the Alabama Law Code says.
If the person with the dough says you are not borrowing money unless Ms. John Doe Sr. signs, then you do not get any dough.
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02-07-2006, 10:17 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | | that's correct, the lender calls the shots. |
02-07-2006, 10:19 AM
| | Senior Member | | Join Date: Dec 2005
Posts: 20,636
| | Quote: |
Originally Posted by HomeGuru that's correct, the lender calls the shots. | Yeppers!  | |
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