Posted on: 31st Jul, 2010 02:53 pm
hubby and wife have a house with a first mortgage. both names are on the deed to the property. wife obtains a second mortgage on the property w/o hubbys signing. is this legal for a mortgage company to do. if not what can be done?
Hi md6figgi,
If your wife has the required credit score and income, then she can take out a mortgage in her name using the property as a collateral. The mortgage company can issue the loan in your wife's name. I don't think this will be considered as illegal.
Take care.
If your wife has the required credit score and income, then she can take out a mortgage in her name using the property as a collateral. The mortgage company can issue the loan in your wife's name. I don't think this will be considered as illegal.
Take care.