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There is a house that is co-owned by two people (unmarried, both names on mortgage and deed). I am trying to find out if Co-Owner #1 can get a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] without informing/telling Co-Owner #2.

If this is possible, how would Co-Owner #2 figure out what loans or lines of credit have been taken out with the house as collateral.

Thanks for your help. This is a messy situation.... :(

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

While going through a divorce I discovered that my husband had taken out a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] on our home without my knowledge or permission. So clearly it's possible. We were living in Virginia but the bank was located in Texas. The only thing the lending bank cares about is whether or not the borrower looks like they can repay.

Rebecca

Like | Dislike | Share | Posted: Tue, 04/24/2012 - 06:43 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for sharing your experience, RebeccaPi!! :)

Like | Dislike | Share | Posted: Thu, 04/26/2012 - 03:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello My name is Susan. I have a big mess on my hands. My mother has asked if she can sign one of her 8 homes she wons to me and then wants me to take out a loan against the house so that I can give her money from the loan for property tax that she owes in the ball park of around 35k. I really do not want to get involved but she is my mother. My questions is: what kind of credit score do I have to have Improbably around 680-699 and owe student loan around 11K car loan 11K and credit card debt as well. Do you think I can even get this loan for my mom-even if I use the home as collateral?

Like | Dislike | Share | Posted: Fri, 03/22/2013 - 12:25 | Post subject:

manoj_gopale's picture
manoj_gopale | Joined: February 16, 2009 10:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In order to take a equity loan one need to take permission of both the co-owner if the amount is really a big amount.
I am curious why you do not want to mention the names of second co-owner.

Like | Dislike | Share | Posted: Sun, 04/05/2009 - 21:33 | Post subject:

secshop2004's picture
secshop2004 | Joined: April 5, 2009 08:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am sorry, I guess I didn't explain it very well. I am actually Co-owner #2.
I suspect that Co-owner #1 took out a loan without my knowledge in order to use as a downpayment on a new home. She wants to sell, I do not (we would take a huge loss). Co-owner #1 had already presented this as an option a few years ago and now that we are disputing the sale of the house and she is packing and has a new home (I don't know the exact details), I believe she has taken out a loan.

I am not sure where she got the funds, but I am concerned I am at risk if she stops paying the mortgage or her loan.

Does that make it more clear? Basically, I am trying to find out if I am at risk, what my options are, and how to find out this information (since my name is on the deed and mortgage).

Thank you for any additional assistance. I just dont know where to turn...

Like | Dislike | Share | Posted: Mon, 04/06/2009 - 06:36 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

I don't think she can get a home euity loan without informing you. As you are on the title, you are a legal owner of the property and have an interest in it. I don't think a lender would be ready to provide a loan on the property which she doesn't have a free and clear title to. But you need to make sure that you pay off the existing mortgage on the property to avoid a foreclosure. As she plans to move out it won't matter to her if it is foreclosed on. But you need to be current on the mortgage if you want to keep it.

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 07:26 | Post subject:

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