Posted on: 14th Apr, 2013 06:49 pm
If three people are joint tenants with rights of survivorship on a deed and only one person is holding the mortgage, can the mortgage holder sell the home without the other joint tenants permission? If so, will any monies paid by the mortgage holder during the course of the loan on the home have to be reimbursed by the other tenants on the deed out of the proceeds or profit from the home sale. This is in the state of Florida.
Thanking you in advance,
Kitush
Thanking you in advance,
Kitush
Hi kitush,
The mortgage holder cannot sell off the property without the permission of the other two joint tenants as they have equal rights to the property. If someone has done so, then it will be considered as illegal.
Thanks
The mortgage holder cannot sell off the property without the permission of the other two joint tenants as they have equal rights to the property. If someone has done so, then it will be considered as illegal.
Thanks
Hi kitush!
Welcome to the forums!
As James has said, the property cannot be sold unless everyone agrees to it. Once the property is sold off, the mortgage needs to be paid off first. If there is any excess amount, then that will be divided between the owners.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As James has said, the property cannot be sold unless everyone agrees to it. Once the property is sold off, the mortgage needs to be paid off first. If there is any excess amount, then that will be divided between the owners.
Feel free to ask if you've further queries.
Sussane