Posted on: 09th Aug, 2013 12:40 am
Hi everyone! My sister took care of our father until he passed away in 1997. After his death, she started living in the property. Then in 2003 she took out a mortgage without informing anyone of us. Now she is facing difficulty in paying off the loan. In such a situation, will the lender take over the property? I haven't given her any permission to mortgage the property.
Hi Guest,
If the property is in the name of the sister and if she defaults on the mortgage, then the lender will have the right to foreclose the property. You may not be able to do anything in this situation.
Thanks,
Jerry
If the property is in the name of the sister and if she defaults on the mortgage, then the lender will have the right to foreclose the property. You may not be able to do anything in this situation.
Thanks,
Jerry
Welcome Guest,
The mortgage and property ownership will matter here. If your sister is the sole owner of the property, then the lender will come after her to recover the dues. If she cannot pay them, then the property will be foreclosed. Your permission may not matter here.
The mortgage and property ownership will matter here. If your sister is the sole owner of the property, then the lender will come after her to recover the dues. If she cannot pay them, then the property will be foreclosed. Your permission may not matter here.