If you are signing a mortgage and you are responsble for the mortgage and note, and your spouse or significant other is on the title, your spouse or significant other could be responsible for the bill, should something happen to you.  Always avoid having someone sign the mortgage who is not responsible for the debt.

Several years ago, I experienced a certain situation where a builder client had borrowed from a certain bank and he thought he was solely responsible for the debt.  This builder went bankrupt, and the bank tried to go after his spouse because of a small, unnoticeable clause within the mortgage legal jargon.  His spouse was not on the loan but had signed the mortgage, NOT the note.

I was recently at a closing where the buyer was getting his girfriend on the title.  I made reference to this rule and the closing attorney looked flabbergasted.  He said I was right and changed the way the closing was handled.

BE VERY CAREFUL WHEN SIGNING MORTGAGE DOCUMENTS AT CLOSING.  ASK YOUR CLOSING ATTORNEY ABOUT "FISH NET CLAUSE" OR "DRAG NET CLAUSE" WITHIN THE LEGAL DOCUMENTS.