Posted on: 29th Apr, 2010 09:23 am
Is it legal in Florida for a single owner of a property to take out a mortgage if they are "Joint tenants with right of Survivorship" without the other owners knowledge? If it is then wouldnt the spouses home be at risk if the other owner did not pay the mortgage? Is there a law that requires consent of ALL owners for the property to be sold or mortgaged? If not, then any disgruntled spouse could mortgage their home without the other spouses knowledge....
Any lender who makes such a loan would be at risk, and that would be outright foolish. Yes, a spouse can secretly mess up a relationship in this way, but it would also be foolish on his or her part to do so.
When a mortgage is in one of the two's names only, a default becomes a real problem for the lender. Because the other spouse is not involved, the lender cannot really bring a foreclosure action on the property, as the lien in question would not be "perfected." By that I mean it isn't valid in the way a mortgage done correctly would be.
It would be a whole mess for everyone involved, and it surely would bring down the marriage, wouldn't it? Maybe that's the whole idea...?...
When a mortgage is in one of the two's names only, a default becomes a real problem for the lender. Because the other spouse is not involved, the lender cannot really bring a foreclosure action on the property, as the lien in question would not be "perfected." By that I mean it isn't valid in the way a mortgage done correctly would be.
It would be a whole mess for everyone involved, and it surely would bring down the marriage, wouldn't it? Maybe that's the whole idea...?...