A husband and wife purchase a property as joint tenants. Because of the husband's poor credit, the wife will be the only party signing the promissory note. How will the lender obtain a security interest in the property?

An addendum to the note would not grant the lender a security interest in the property itself; instead, it would modify the terms of the promissory note. Security interests are established through the mortgage, not through changes made to the note, which primarily outlines the repayment terms.

Similar to choice A, having the wife alone sign an addendum to the note does not create a security interest in the property. The mortgage must be executed to provide the lender with the necessary rights to the property, which cannot be achieved through an addendum to the note alone.

While the wife signing the mortgage would create a security interest in the property, it would not fully protect the lender's interests since both parties are joint tenants. The husband's rights in the property must also be acknowledged in the mortgage for the lender to maintain a complete security interest.