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Loan issue

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softwine2000 Joined: 03 Mar 2011 Posts: 2 1.00 Dollars($)	Posted: Thu Mar 03, 2011 7:19 am    Post subject: Loan issue Like 0 Dislike 0 Can my husband get a loan out of a property that we co-own without me signing it? If he defaults the payment, will the property be subject to a lien?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Mar 03, 2011 7:25 pm    Post subject: Like 0 Dislike 0 Hi softwine! Welcome to forums! As your husband is one of the owners of the property, he can get a mortgage on it. If he is unable to pay off the loan, then the property will be subjected to a lien. However, in order to place a lien on the property, the lender will have to get a judgment from the courthouse in his favor. Feel free to ask if you've further queries. Sussane
softwine2000 Joined: 03 Mar 2011 Posts: 2 1.00 Dollars($)	Posted: Fri Mar 04, 2011 3:20 pm    Post subject: Loan Issue Like 0 Dislike 0 Hi Sussane, Thank you so much for the kind help. I talked to several loan officers at my local banks. They told me that my signature is necessary for my husband to get a loan on the property. My husband also told me that too. However, many posts here (and of course your answer too) address that he could get a loan without my permission. I assume there might a condition on the deed to allow him to do so. If that's the case, what is that? Is there a way that I can prevent him from doing that? Thanks!
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Mar 06, 2011 9:05 pm    Post subject: Like 0 Dislike 0 Hi softwine, Some lenders will want you to sign the loan document so that your husband can secure a loan against the property as you're one of the owners of the property. _________________ Procrastination is the enemy of your financial success

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