Can a co-owner get a Home Equity Loan without informing other co-owner?

Yeah, John, there are lenders who will make such foolish loans. What some of them don't realize is that they're jeopardizing the lien by not having all owners involved in the transaction. If they try to foreclose at some time, they'll have a miserable time doing so if he's the only borrower.

while going through a divorce i discovered that my husband had taken out a second mortgage on our home without my knowledge or permission. so clearly it's possible. we were living in virginia but the bank was located in texas. the only thing the lending bank cares about is whether or not the borrower looks like they can repay.

rebecca

Thanks for sharing your experience, RebeccaPi!! :)

My brothers and sister names are on the mortgage. One brother has taken out an equity loan. Are the other brother and sister liable, if he defaults? How did he get the loan, without their consent?

Welcome Claudia,

If he defaults on the loan, then the other brothers and sisters won't be liable for it as the loan is solely in his name.

Hello My name is Susan. I have a big mess on my hands. My mother has asked if she can sign one of her 8 homes she wons to me and then wants me to take out a loan against the house so that I can give her money from the loan for property tax that she owes in the ball park of around 35k. I really do not want to get involved but she is my mother. My questions is: what kind of credit score do I have to have Improbably around 680-699 and owe student loan around 11K car loan 11K and credit card debt as well. Do you think I can even get this loan for my mom-even if I use the home as collateral?

Welcome susan,

In order to get a conventional loan, you will require a credit score of around 700-720 whereas for FHA loan, you need a score of around 620. Apart from this, there are various other criteria which needs to fulfilled in order to get a loan.

my husband is the one on the loan i am on the grant deed.
he applied to refinance the home without my knowledge can he legally do that i am in the sate of california.

Welcome joe,

As your name is on the property deed, he should take your permission before refinancing the mortgage.

My siblings (2) and I own equal parts of a condo that is fully paid for. If one of us wants tomapply for an equity line against the condo's value for medical expenses, do we all have to sign?

Hi Maxine,

A similar query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about56508.html

Take a look at it. Hope it helps you!

Thanks

My mothers estate was put into a trust in 2006 and one of my brothers who was a co-trustee decided he was in charge instead . and I think he has taken out equity against the trust for his own personal reasons, some of which might include stealing the house from the other 3 inheritors. I need to know if he can get away with this, one, and where he could have done this so I can find out before we try to sell the house. The bank in town is who the trust account is with, but I know nothing. Can a realator help me find this info out?

Hi Mary,

If a property is in a trust, then lender may normally won't give a loan. The property has to be removed from the trust to get a loan. You need to check out whether or not the property is in the trust.

can i borrow on a joint line of credit if i am involved in a divorce

Welcome Brigid,

It will be better if you could borrow money or take out a loan after your divorce is complete.