Posted on: 28th Jun, 2012 03:27 pm
My brother and I are both on the deed and mortgage. If we pay the loan off can he someday go and get a loan under the house without me knowing about it? Another words, can he place the house as a collateral without me knowing about it?
Hi Geust,
If your brother is one of the owners of the property, then he will able to use the property as collateral and get a mortgage. It won't be mandatory for him to take your permission.
Thanks
If your brother is one of the owners of the property, then he will able to use the property as collateral and get a mortgage. It won't be mandatory for him to take your permission.
Thanks
Hello guest,
Depending on your credit, how much money you are asking for and what you put up for collateral, you may have a lower interest rate than you would when getting an unsecured personal loan.
:idea:
Depending on your credit, how much money you are asking for and what you put up for collateral, you may have a lower interest rate than you would when getting an unsecured personal loan.
:idea:
As you said that your brother is co-partner of properties then he can take the montaged loan on the properties without your formal consideration. So in such case you have to consult legal adviser.
No. The Investor will require your written permission for him to encumber the property.
raymond, I think he ask about mortgaging loan but not about investing. Thanks for clearing my confusion on this matter.
As Raymond correctly stated, no one can get a mortgage on a property if there are other owners on the deed without the permission/acknowledgment of the other owners.
The other owners, those not on the mortgage, must sign at cloisng the TIL and the Right of recission and in some states sign the mortgage to give up their rights in the event of forclosure.
The other owners, those not on the mortgage, must sign at cloisng the TIL and the Right of recission and in some states sign the mortgage to give up their rights in the event of forclosure.
