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 elg23
Joined: 11 May 2008
Posts: 4
3.42 Dollars($)
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 Posted: Sun May 11, 2008 3:39 pm Post subject: can i borrow a loan without consent from a co-tenant? |
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| sorry but it's me again. ideas just keeps coming up while reading all the items on this site. so to begin i have this sister of mine who wants 50% of the equity and never contributed to all the expenses to maintain the property and was mistakenly add on as a co-owner by my younger sister when she was forced by her in-laws to quit claim. i am currently jobless due to disability and having some kind of problem to keep the property do i have the right to refinance the property without her knowledge and will take responsible to whatever amount i will be borrowing? i don't want to lose the property because it was passed on to us by our mother who passed away in 1995 and it has a sentimental value to me. |
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Jeanette
Community Experts
Joined: 19 Oct 2007
Posts: 118
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
35.62 Dollars($)
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| Posted: Sun May 11, 2008 6:32 pm Post subject: |
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 Welcome to Mortgage Fit Forom elg23
Whom ever is on the mortgage note /the hud1 and on the title are the ones who makes the decision. So, if one or two of you are on the note then all of you have to sign over all interest to the one who wants to do the refinance in his or her name. They will have to sign the quit claim stating that they are relinquishing all interest to you before you can refinance. There is a process involved, you cannot do this behind the co-owners back.
Jeanette Smith
Union Mortgage Group
Virginia Beach, VA
_________________
Life is like a bull grabit by the horn |
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larry
Joined: 27 Jun 2007
Posts: 3051
428.03 Dollars($)
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| Posted: Mon May 12, 2008 3:08 am Post subject: |
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Hi elg,
I agree with Jeanette that you should take consent from all the owners of the property before taking the loan. You are not the sole owner of the property. So you cannot sell the property or even borrow a loan using the property as collateral without consent of the other owners.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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elg
Guest
0.10 Dollars($)
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| Posted: Mon May 12, 2008 10:54 am Post subject: Re: Loan |
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| so what is the best way for me to do? go to court? well i am disabled and also this greedy sister of ours is not working currently and waiting to get disabled by the sss. she's a dumb lazy woman. if only i can get back to my work i will just give this to her but i have no choice as of now. i cannot afford to pay the service of a lawyer and i already talk to my younger sister that i may ended up to have the property reposses or quit claim back to the bank so i can keep my credit clean. is this right? |
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larry
Joined: 27 Jun 2007
Posts: 3051
428.03 Dollars($)
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| Posted: Tue May 13, 2008 2:55 am Post subject: |
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Hi elg.
Sorry to hear your situation and I have suggested you query at http://www.mortgagefit.com/quitclaim/reverse-restrainorder.html
Please have a look at it.
If you create one thread and update your situation that helps. But creating multiple threads creates confusion.
Best of luck,
Larry |
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enriko
Joined: 05 Mar 2008
Posts: 61
16.64 Dollars($)
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