Posted on: 17th Jul, 2012 10:00 pm
My parents passed away and left a Lady Bird Deed where ownership of their home passed on to my sister and I. My sister lives out of state and is wanting to buy a home and is not really communicating with me. Is it possible for her to take out a loan against our home without my permission. Neither of us live in the home though I do live near the home. We re not in a position to sell this home at this time. If she is able to get a loan against the house, how would that affect me?
Welcome sun,
Your sister may take out a loan in her name on the property as she is one of the property owners. However, she may have to inform you about the loan. If she takes out a loan in her name, then she will be liable for the payments. You won't be liable for the mortgage payments in any way.
Your sister may take out a loan in her name on the property as she is one of the property owners. However, she may have to inform you about the loan. If she takes out a loan in her name, then she will be liable for the payments. You won't be liable for the mortgage payments in any way.
I think your sister has to inform you because both you are owner of the property and without your consideration she is unable to take loan of this property.