Promissory Note Question

[mkyshl]

What is the name of your state?Missouri

My husband and I borrowed some money from my mother and stepfather for the downpayment on the house purchased. He wanted us to sign a promissory note. I have a few questions:

1. The lenders on the promissory note, were both my mom and my stepfather, my mother is now deceased, does a new promissory note need to be signed?

2. For the promissory note to be binding do both the lenders and borrowers have to sign the note? The one we have just has the borrowers signature.

3. My husband and I are divorcing and he is keeping the house, how do I get out of being liable for this note?

Thanks ahead of time!!

 

[HomeGuru]

What is the name of your state?Missouri

My husband and I borrowed some money from my mother and stepfather for the downpayment on the house purchased. He wanted us to sign a promissory note. I have a few questions:

1. The lenders on the promissory note, were both my mom and my stepfather, my mother is now deceased, does a new promissory note need to be signed?

**A: no
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2. For the promissory note to be binding do both the lenders and borrowers have to sign the note? The one we have just has the borrowers signature.

**A: that's good enough.
******

3. My husband and I are divorcing and he is keeping the house, how do I get out of being liable for this note?

**A: nice try. If there is only a prom note and not a mortgage to go with it, then demand that your husband to pay it off when he refinances and pays you off.
*******
Thanks ahead of time!!

**A: you are welcome.