Posted on: 10th Jul, 2009 04:02 pm
we are co-borrowers on a 30 year fixed va loan. he got a 2nd mrtg wothout my knowledge & certainly without my consent. how could he have done that? i would have thought i would have had to sign-especially since i'm the veteran. he defaulted on the 2nd mrtg & now there's a lien on our home. we're separated & i want to protect my interests. we had to file ch. 13 bankruptcy to keep from losing the house. he's moved out & i planned to refinance once the ch. 13 is complete. however the lien will prevent me from doing so. my husband did not tell me that the loan was a 2nd mrtg on the house when we filed the bkrptcy papers, so it won't be discharged when we complete the plan. i may also look into the novation process as i've been paying the mrtg directly from my paycheck for the last 5 years & will be 6 years at the time of discharge.any advice? thank you.
first question i have is this: what are you looking into concerning the novation process? i don't understand that reference at all.
a second mortgage on a home, in order to be perfected, needs to have the signatures of all parties who own the home. in my opinion (go get a lawyer to check with), that mortgage wouldn't be valid if you didn't sign it. as for mortgage versus lien - a second mortgage is a lien, so your citation of a lien is redundant, actually.
you need to have a lawyer on your side, and you and the lawyer need to have serious discussion(s) with the lender who granted that second mortgage.
a second mortgage on a home, in order to be perfected, needs to have the signatures of all parties who own the home. in my opinion (go get a lawyer to check with), that mortgage wouldn't be valid if you didn't sign it. as for mortgage versus lien - a second mortgage is a lien, so your citation of a lien is redundant, actually.
you need to have a lawyer on your side, and you and the lawyer need to have serious discussion(s) with the lender who granted that second mortgage.
My husband had gotten a 2nd mortgage on our home I never signed any paperwork regarding this loan. I thought what he got was a business loan, therefore there was no need for me to sign. I feel that he was taken advantage of by a mortgage broker. We are now stuck with a 2nd mortgage on our home that i did not ok. What r my legal options. to get out of this loan or press charges against the broker.
If your name is not mentioned in the mortgage docs, then you are not responsible for it. However, I don't think you would be able to take any legal actions against the lender. If your husband's name is mentioned in the property, he can take a second loan in his name using the property as a collateral.
the key question here, mj, is whether or not you are an owner of the home. if you have an ownership interest, then the lien the bank placed with your husband's loan isn't really valid, and they're downright foolish if that's the case.
what can you do about it? not a whole lot, i don't believe, unless you wish to engage legal counsel to see if you can get the lien vacated in court. other than that, stay on your husband's back to ensure that he makes all payments due.
what can you do about it? not a whole lot, i don't believe, unless you wish to engage legal counsel to see if you can get the lien vacated in court. other than that, stay on your husband's back to ensure that he makes all payments due.