Posted on: 10th Jan, 2010 08:19 am
MOTHER WANTS ME TO SEND MY DEED FOR A UNSECURED LOAN. DEED IS IN MY NAME ONLY.PROPERTY IS WORTH A LOT MORE THAN I OWE. CAN SHE MAKE ME DO THIS?
Hi RITA,
If the property is in your name, then the mortgage should also be in your name. In that case, your mother will not be able to make it an unsecured loan. The property has been used as a collateral for the loan. If you are unable to pay off the loan, the lender may sell off the property to recover the loan.
If the property is in your name, then the mortgage should also be in your name. In that case, your mother will not be able to make it an unsecured loan. The property has been used as a collateral for the loan. If you are unable to pay off the loan, the lender may sell off the property to recover the loan.