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My wife's parents co-own a property in a state that is a "lien theory" state. I do not know what the survivorship designation is. One person has mortgaged the property to consolidate and [url=]refinance[/url] debts so that there is essentially one mortgage on the property (there might be a small HELOC with minimal borrowings). Only one person has signed the loan documents. The propery has zero equity with respect to the mortgage.

My question is, practically speaking, what remedy does the mortgage lender have with respect to a default (e.g. non-payment), does their lien attach only to one-half of the property? Can they interfere with a sale in which the other half of the property is sold free-and-clear?

The non-mortgaged joint owner would rather have "no obligation" to the lender or buy out the lender and co-owner for nominal settlement.

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