Posted on: 05th Aug, 2009 07:32 pm
is it legal for a reputable lender to allow a 1st home loan without the signature of the another co-owner knowledge?...I just discovered decietful husband has taken a 1st home loan with a reputable lender allowing him to do so without my signature or knowledge. We already have a 1st with another lender for close to $500,000.00 which he has abandoned. On the largest loan inwhich I am co-borrower "we" filed for bankruptcy and he become behind in those payments. I tryed to pick up the payments but could not keep up- car was repossed among other things. The loan that he recieved (his only crediable income is SSDI)- 50,000 in which I also discovered recently and along with that he secured a safety deposit box with his mom. I am broke and cannot afford legal representation what else can I do? He has abondoned all resposibilities and because he was primary on the largest loan I need his signature for everything. The home is my family home of 51 years and I was signed on the deed by my mom in 2002 and allowed him to sign on 2005 for improvements at that time I was on State Disability and upon signing he said he had no intrest in the home. Yeah Right! My mom passed in 2006 and down hill it went. Do i have a re-course everyone wants money in which I do not have.
Hi diane,
If your husband has a good credit and a stable income, then the lender will allow him to take a loan in his name. But as far as I know, most of the lenders want that both the co-owners of the property should be on the mortgage doc. You have mentioned that you already have a home loan on the same property. In such a situation, the new loan will be considered as a second loan for the property. If your name is not on the mortgage docs, the lender will not be able to sue you for the mortgage dues.
If your husband has a good credit and a stable income, then the lender will allow him to take a loan in his name. But as far as I know, most of the lenders want that both the co-owners of the property should be on the mortgage doc. You have mentioned that you already have a home loan on the same property. In such a situation, the new loan will be considered as a second loan for the property. If your name is not on the mortgage docs, the lender will not be able to sue you for the mortgage dues.
adonis, you're wrong, i'm afraid. no lender with any sensibility at all would allow one owner of a jointly-owned home to be granted a mortgage on that home. the main reason is that it is then not a valid mortgage. if that one owner defaulted, the lender couldn't foreclose legally because the other owner isn't obligated.
as for diane...of course you have recourse. you said you can't afford a lawyer. you cannot afford not to get a lawyer on your side. if this lender can be sued for its foolishness and illegal procedure, you can surely believe that a lawyer would have a nice cash payment when that suit is adjudicated, and you'd not be out of pocket in the process.
what you describe is difficult to comprehend - a lender granting a loan to your husband alone on a home you and he both own. but i suppose anything is possible in this world gone crazy.
as for diane...of course you have recourse. you said you can't afford a lawyer. you cannot afford not to get a lawyer on your side. if this lender can be sued for its foolishness and illegal procedure, you can surely believe that a lawyer would have a nice cash payment when that suit is adjudicated, and you'd not be out of pocket in the process.
what you describe is difficult to comprehend - a lender granting a loan to your husband alone on a home you and he both own. but i suppose anything is possible in this world gone crazy.
Thank you both for your insightful and expediate response/ but I'm in California does that change things?
No, it should NOT change anything, but I have seen a lot of wacky things happen in California. After all...your state is just about bankrupt.
All individuals on a deed would need to sign something that acknowledges the fact that someone is taking a loan against the property. Especially when you are talking about a spouse. It is to prevent a situation where one would cash out equity in the home and run off.
That being said, I have also heard of situations where the spouse forged the signature of the other. Not uncommon.
George offered solid advice...get an attorney.
All individuals on a deed would need to sign something that acknowledges the fact that someone is taking a loan against the property. Especially when you are talking about a spouse. It is to prevent a situation where one would cash out equity in the home and run off.
That being said, I have also heard of situations where the spouse forged the signature of the other. Not uncommon.
George offered solid advice...get an attorney.
forgery is not all that uncommon. i vividly remember back when i was in consumer lending (personal loans, car loans, etc.), we had a person come into our bank and take a loan - not too big - maybe $2000 or so. it turned out to be a forgery. he had all the right documentation, said all the right things, but he wasn't "john doe" at all. he wasn't even related.
so i guess we had identity theft before that term was even invented...and it was well before the internet age, believe me.
so i guess we had identity theft before that term was even invented...and it was well before the internet age, believe me.