Do all joint tenants need to sign for home equity loan

cjmetteer · Joined: 12 Nov 2008 Posts: 1 1.31 Dollars($)

I own a home with my mother and brother. I'd like to pay off some debts with a home equity loan or line of credit. Do they also need to sign the note?

jameshogg · Posted: Thu Nov 13, 2008 12:08 am Post subject:

Hi cjmetteer!

I don't think your mother and brother will require to sign any note. You can take the loan and the lender will only take into account your credit score and other details.

Thanks

Caron · Posted: Thu Nov 13, 2008 4:33 am Post subject:

Hi Cjmetteer,

It's not necessary for your mother and brother to sign on the note. It looks like you're not sure as to whether you'd go for a home equity loan or line of credit. Well, if you can put down some more details about your financial situation, I can give you some suggestion. And if you'd like to check out for some information on the two, then take a look at the pages given below:

http://www.mortgagefit.com/home-equity.html
http://www.mortgagefit.com/heloc.html

Good luck

Posted: Thu Nov 13, 2008 6:42 am Post subject:

If you all hold title as joint tenants and you're the only one taking out the loan, they would not sign the note but would be required to sign the mortgage in order for the lender to place a lien on the property.

gmakerley · Posted: Thu Nov 13, 2008 8:05 am Post subject:

most lenders these days require all owners to be parties to any new indebtedness.

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