Old thread but there is some erroneous information in some of these comments.
The note specifies the amount of the loan, the interest rate, the monthly principal and interest payment and other important terms. It is not necessary that both spouses sign the note, even though the home is owned jointly, as husband and wife. One party can sign the note alone. Only the person or persons on the note are liable for the payments.
The other important legal document is the mortgage or "deed of trust." This document gives the lender a lien on your home to secure repayment of the note. What this means is that in the event of default in payment of the note, the lender can foreclose on the home and sell it. The mortgage or deed of trust must be signed by all those in title to the property. If two people own the home jointly, they are both required to sign the mortgage, even if both did not sign the note. By signing the mortgage, you agreed to allow the lender to foreclose on the home if the note is not paid in accordance with its terms.... more