Posted on: 03rd Mar, 2011 06:19 am
Can my husband get a loan out of a property that we co-own without me signing it? If he defaults the payment, will the property be subject to a lien?
Hi softwine!
Welcome to forums!
As your husband is one of the owners of the property, he can get a mortgage on it. If he is unable to pay off the loan, then the property will be subjected to a lien. However, in order to place a lien on the property, the lender will have to get a judgment from the courthouse in his favor.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your husband is one of the owners of the property, he can get a mortgage on it. If he is unable to pay off the loan, then the property will be subjected to a lien. However, in order to place a lien on the property, the lender will have to get a judgment from the courthouse in his favor.
Feel free to ask if you've further queries.
Sussane
Hi Sussane,
Thank you so much for the kind help. I talked to several loan officers at my local banks. They told me that my signature is necessary for my husband to get a loan on the property. My husband also told me that too. However, many posts here (and of course your answer too) address that he could get a loan without my permission. I assume there might a condition on the deed to allow him to do so. If that's the case, what is that? Is there a way that I can prevent him from doing that?
Thanks!
Thank you so much for the kind help. I talked to several loan officers at my local banks. They told me that my signature is necessary for my husband to get a loan on the property. My husband also told me that too. However, many posts here (and of course your answer too) address that he could get a loan without my permission. I assume there might a condition on the deed to allow him to do so. If that's the case, what is that? Is there a way that I can prevent him from doing that?
Thanks!
Hi softwine,
Some lenders will want you to sign the loan document so that your husband can secure a loan against the property as you're one of the owners of the property.
Some lenders will want you to sign the loan document so that your husband can secure a loan against the property as you're one of the owners of the property.