When Maya bought a condo, her spouse signed the mortgage so the lender could place a valid lien on the property, but only Maya signed the promissory note. If the loan later goes into default and the state allows personal liability, which statement is most accurate?
Correct Answer
D) Maya is personally liable on the note, while the spouse's mortgage signature mainly subjects the property interest to the lien
Personal liability for repayment generally comes from signing the promissory note, not merely from signing the mortgage. The spouse's mortgage signature can still help create or confirm the lender's lien against the property interest, but it does not by itself make that spouse the personal obligor on the debt.
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