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elg23 · Joined: 11 May 2008 Posts: 4 3.57 Dollars($)

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.

Jeanette · Posted: Sun May 11, 2008 6:32 pm Post subject:

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

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

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

Guest

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?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

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

enriko · Joined: 05 Mar 2008 Posts: 67 0.07 Dollars($)

Follow larrys advice
http://www.mortgagefit.com/quitclaim/reverse-restrainorder.html

I hope that it will turn out well for you.

Guest

We are planning to buy a house and lot and supposed to give the earnest money. The transaction is with the husband. However, we learned that the couple is separated. In the title, the property was on the husband and wife's name. This means that it is their conjugal property. In the earnest money agreement, does the signature of both sellers needed? Please help.

Posted: Fri Mar 13, 2009 10:29 pm Post subject:

In my opinion, yes, you would require the signatures of both.

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can i borrow a loan without consent from a co-tenant?