What are my liabilities if I am on the Mortgage securing a Note to Real Estate in Ohio?

The liability attached to a Mortgage is in rem meaning that it follows the land. The mortgage is the security for the Note. If, for example, anyone involved on the deed or mortgage disappears, the entity entitled to foreclose can foreclose based solely on the mortgage. If the entity entitled to foreclose upon you waits three years to foreclose, you then will be listed on the foreclosure and this lawsuit will be on your resume. Some experts believe that the foreclosure is worse than a bankruptcy for credit purposes. Unfortunately, the law requires that anyone who may have an interest in the property must be listed in a foreclosure action. If you were married at the time of the financing of the note secured by a mortgage, your spouse is awarded the property in the divorce, your spouse remarries, the mortgage company will still list you in the foreclosure because you are on the original mortgage from a decade ago. You must obtain advice from a lawyer as to your situation.