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MOTHER HOLDS DEED

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RITA_DUNHAM_174 Joined: 10 Jan 2010 Posts: 1 1.25 Dollars($)	Posted: Sun Jan 10, 2010 9:19 am    Post subject: MOTHER HOLDS DEED Like 0 Dislike 0 MOTHER WANTS ME TO SEND MY DEED FOR A UNSECURED LOAN. DEED IS IN MY NAME ONLY.PROPERTY IS WORTH A LOT MORE THAN I OWE. CAN SHE MAKE ME DO THIS?
adonis Joined: 22 Oct 2005 Posts: 10267 Location: ALASKA 1046.07 Dollars($)	Posted: Mon Jan 11, 2010 12:11 am    Post subject: Like 0 Dislike 0 Hi RITA, If the property is in your name, then the mortgage should also be in your name. In that case, your mother will not be able to make it an unsecured loan. The property has been used as a collateral for the loan. If you are unable to pay off the loan, the lender may sell off the property to recover the loan. _________________ Procrastination is the enemy of your financial success

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