Posted on: 30th Apr, 2009 03:39 pm
can my husband take out a commercial loan against our house with out me signing anything and not having me on the account at all?
You cannot take out a commercial loan on your primary residence which is a residential property if that is what you're thinking. If this is a commercially zoned property, owned solely by your husband right now then he is free to do what he'd like with the property. I hope this helps...
Hi Giannini!
Welcome to forums!
Yes, he can take a loan in his name. The lender will check his credit score and income in that case. As your name is not on the mortgage, you'll not be liable to pay the mortgage dues.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, he can take a loan in his name. The lender will check his credit score and income in that case. As your name is not on the mortgage, you'll not be liable to pay the mortgage dues.
Feel free to ask if you have further queries.
Sussane
Do you have any mortage on your current property? If nto why do you want to get a commercial loan?
why do some of you persist in failing to read the original post? geni, your response is completely off-base.
gianninni...your husband can certainly apply for and be granted a commercial loan and the lender can certainly desire to put a lien on your home as collateral.
however, if that's what happened, their lien isn't really valid. if your husband defaults on that loan, and the lender wants to take action through the lien, their action wouldn't bear any fruit because to have a valid lien, all owners of the home (that means you and your husband) would have to have signed the lien document (deed).
if they placed a lien without your signature, that could end up being their loss.
gianninni...your husband can certainly apply for and be granted a commercial loan and the lender can certainly desire to put a lien on your home as collateral.
however, if that's what happened, their lien isn't really valid. if your husband defaults on that loan, and the lender wants to take action through the lien, their action wouldn't bear any fruit because to have a valid lien, all owners of the home (that means you and your husband) would have to have signed the lien document (deed).
if they placed a lien without your signature, that could end up being their loss.
