Posted on: 16th Mar, 2013 04:00 pm
I am Co-owner of a house in Georgia. The house was paid off before I became a co-owner. Can I take out a loan using the house as collateral, without telling the other co-owner?
If I can what will happen to the house if for some reason I am not able to pay off the loan?
Thank you for any advise you can give.
If I can what will happen to the house if for some reason I am not able to pay off the loan?
Thank you for any advise you can give.
No. Everybody on Title must sign the Note.
Hi TBourque,
I agree with what Raymond has said. You should inform the co-borrower about the loan and take his/her permission in this regard.
Thanks
I agree with what Raymond has said. You should inform the co-borrower about the loan and take his/her permission in this regard.
Thanks
