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Can a co-owner get a Home Equity Loan without informing other co-owner?

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adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Aug 03, 2011 11:40 pm    Post subject: Like 0 Dislike 0 Welcome John, The co-owner of the property can take out a loan on his own. If you don't want to remain as one of the owners of the property, then you can transfer it to the co-owner. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Aug 09, 2011 6:40 pm    Post subject: Like 0 Dislike 0 Yeah, John, there are lenders who will make such foolish loans. What some of them don't realize is that they're jeopardizing the lien by not having all owners involved in the transaction. If they try to foreclose at some time, they'll have a miserable time doing so if he's the only borrower. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
RebeccaPi Guest	Posted: Tue Apr 24, 2012 6:43 am    Post subject: Yes, a second mortgage can be obtained w/o both owners Like 0 Dislike 0 While going through a divorce I discovered that my husband had taken out a second mortgage on our home without my knowledge or permission. So clearly it's possible. We were living in Virginia but the bank was located in Texas. The only thing the lending bank cares about is whether or not the borrower looks like they can repay. Rebecca
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Thu Apr 26, 2012 3:02 am    Post subject: Like 0 Dislike 0 Thanks for sharing your experience, RebeccaPi!!

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