Quick question for you guys out there. I have a rental property in Texas that I’m about to refinance (I live in CA and my wife is not on the title). I received all the paperwork and I guess everything looks good, but there is some paperwork I’m unsure about. It’s called a “Non-borrower signing requirements disclosure”. It says my wife needs to sign the:
Deed of Trust or Mortgage and all attached riders,
Notice of Right to Cancel (if the loan transaction is rescindable)
Truth-in-lending Disclosure Statement and
Name and Signature Affidavit
It says “By signing these documents, the Non-Borrow does not become obligated on the note. Only persons who sign the Note will be obligated on the Note. By signing the Deed of Trust or Mortgage, the Non-Borrower pledges his or her interest in the Property as security for repayment of the Note. If the Borrower defaults on the loan, the Property and the Non-Borrower’s interest in the Property could be lost to foreclosure…The signature of the Non-Borrower on the security instrument does not obligate the Non-Borrower to re-pay the debt.”
So, it seems like Texas is in a “community” state and so my wife has to sign, but, I guess I don’t trust the banks and so I wanted other opinions on whether or not she really needs to sign. The property is my deal, not hers and I don’t want her to be obligated if anything were to happen to me or whatever.
So, does she really have to sign?
Thanks very much!