Posted on: 28th Sep, 2012 08:32 pm
i was unaware that 5 owners are listed on the deed to a property in texas. i got a home equity loan on the property because i was told by the title company, i was the only name on the deed, that it was only in my name. now the property is in default..two questions. one can the bank servicing company foreclose since the other owners never signed nor were aware they were on the equity loan. and two, are the others responsible for the debt of the home equity loan...and three can the other owners sue me because of the fault of the title company insuring the home equity loan in my name only? the property in located in texas.
thanks for you quick reply.
thanks for you quick reply.
Hi Guest,
Other owners are not responsible for the loans as their names are not mentioned on the mortgage docs. If the lender forecloses the property, he will have to give away money to the other owners in lieu of their share in the property. There is a high chance that the lender may charge of the loan.
Thanks
Other owners are not responsible for the loans as their names are not mentioned on the mortgage docs. If the lender forecloses the property, he will have to give away money to the other owners in lieu of their share in the property. There is a high chance that the lender may charge of the loan.
Thanks
Hi Guest,
James is absolutely right. You have taken out the mortgage solely in your name. So, you're liable to make the payments. However, if you can't make the payments, then the lender can foreclose the property.
James is absolutely right. You have taken out the mortgage solely in your name. So, you're liable to make the payments. However, if you can't make the payments, then the lender can foreclose the property.