Posted on: 06th Jan, 2013 06:03 pm
My girlfriend and i bought a house, she is on the deed but not on the financial. She moved out and house abandoned the property. She now sends me an email saying she is trying to get a loan and needs the financial statements. We are upside down on the house as we bought at the peak. Real question is can she get a secured loan by putting up the house as collateral without my knowledge or signature because she is on the deed but not the financial.
Hi Target,
As she is on the property deed, she will be considered as one of the owners of the property. In such a situation, she can use the property as a collateral to get a loan without your permission.
Thanks
As she is on the property deed, she will be considered as one of the owners of the property. In such a situation, she can use the property as a collateral to get a loan without your permission.
Thanks
Thanks for the response so when she defailts on the loan because she will i will have a lien on the property
Hi Target,
Yes, if she defaults on the mortgage payments, then the lender may place a lien on your property.
Thanks
Yes, if she defaults on the mortgage payments, then the lender may place a lien on your property.
Thanks