Compare Mortgage Quotes

jeffreyguenther · Joined: 18 Jun 2009 Posts: 2 1.86 Dollars($)

do both people in title on a property need to sign home equity documents for a line of credit in NY State

jerry · Posted: Fri Jun 19, 2009 6:50 am Post subject:

Hi jeffreyguenther,

I don't think both people on the title need to sign on the home equity loan. You can be on the title and co-own the property. But that does not make it mandatory for you to be on the loan as well. If you do not want to take the responsibility of the loan, you can choose to not sign on the loan.

Thanks,

Jerry

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

If you are the owner/co-owner of the property you may not be required to sign for the liability of the second mortgage but you must sign that you are allowing that to happen. Think if it was a married couple splitting up, one party could go get a home equity line and then write a check to themselves and take that equity. By signing the Truth in lending and a few other documents you are acknowledging that the party has a right to open that equity line.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

do both people in title need to sign home equity documents for a line of credit in NY State?