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.