On Mortgage, But Not On Note

[blazer217]

My question involves real estate located in the State of: New York

My soon-to-be-ex in-laws have a life estate on the home my wife and I live in. We are also named on the deed. My wife and I took out a mortgage to do major renovations on the home. I understand that the home still belongs to my in-laws and as such they needed to be on the mortgage, but according to the bank "they are on the mortgage, but not on the note". How is that possible? Aren't the two synonymous (mortgage and note)? If my soon-to-be ex and I defaulted on the loan, who would be ultimately responsible? Thank you for all of your help. These terms are very confusing to me and I'm waiting (rather impatiently) for my lawyer to go through things and get back to me.

[LawResearcherMissy]

How is that possible? Aren't the two synonymous (mortgage and note)?

Perhaps they meant on the deed, but not on the note?

Which probably doesn't clear anything up for you, but I cannot figure out what your bank is talking about.

Are your in-laws on the loan or not?

[lwpat]

I agree, you will have to look at the actual paperwork. I think you have posted before, if so please do not start a new thread, just add to the old one.

[aaron]

I suspect that they mean you and your spouse will be solely responsible to repay the debt, but that as a condition of your getting the loan your "soon-to-be-ex in-laws" must sign away any right to object to foreclosure. The mortgage note is not the same document as the mortgage - it is the promissory note secured by the mortgage.