Can one partner takes out home equaty loan or second mortgage without the other partner's singniture?
if husband and wife own the house together, can one of them without the other knows borrow $ from bank to get equaty or seond mortgage on that house? what happens if the second mortgage could not be meet and be forceclosure? Will the other perosn resposible for the laon he / she even not knowing? the house is around $800, 000. first mortgage is 200, 000. second is 400, 000. In fact the husband got the loan few months ago. Should I sue husband or the lender?- Both husband and wife are on le to the home, so no s / he cannot obtain a equity loan or line of credit without the other spouse's knowledge. Everyone on the le to the home must be a party to any and all loans made against the property in order to avoid this situation you are describing. Besides, no lender in their right mind would do this after finding out only one of two owners would be on the mortgage
- If I understand what you are asking, if your husband is not on the loan with you or vice versa, then yes, one can take out a loan without the other. However, if your second delinquent. The first mortgage will know and they will step in, because of course, they are the first. You need to talk with your second mortgage company, they do have options available to you
- If a husband and wife own the house together, and both are on the mortgage, then all SUBORDINATE loans must be obtained with both signatures and both names. one cannot further mortgage the property into debt without the knowledge of the other. If the HELOC defaults, then the second lienholder can foreclose on the home. Since both parties will be on both loans, then it's irrelevant if only one party is responsible. b / c they both are. No way around it. PS: If you live in a marital interest state, even if only one spouse is on the mortgage and you have both spouses on le, the spouse that is not on the 1st mortgage still has to sign what they call the "marital interest docs" on the HELOC at closing. which acknowledges that he / she understands that the property is being mortgaged further
Knowledge Base
Is there any way to get a mortgage loan with bad credit?
hi there, i was wondering if there is any way at all to obtain a mortgage loan with bad credit, my home is sold and i am looking at a condo, i have half of the money for the condo but will need another half through a mortgage loan. is (refinance mortgage loans)
What would happen to your home mortgage loan in this case?
say if me and a co - buyer buy a home together both first - time home buyers, and get a conventional loan from a bank. if later, one of us wants to take our name down the le, would that be allowed? would the bank re - acess the (bad credit mortgage loan)
My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
has anyone else experienced quicken loans. this is the first time we have not delt with the "local banker" and we're nervous about the closing over the phone / internet thing. if you can not face them, why would you do business with them. we had a deal once on (mortgage loan rate)
Knowledge Base: Mortgage Loan
can i get a bad credit mortgage loan?
i am having a home foreclosed on, and would like to know if anyone can give me a mortgage?. that's funny. probably not. it's tough to get a mortgage now even if you have good credit. have you contacted your mortgage holder and ask them if they can re - (bad credit mortgage loan)
If someone defaults on their mortgage loan, what happens to the second mortgage owed?
i know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. they also have a second loan for $75, 000. is that forgiven too? are there different rules for second loans? these people have ets. (home mortgage loan)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (bad credit mortgage loan)
loan officer showing mortgage rate sheets and crediting points?
hi, i was shopping for the mortgage and i came across a loan officer who sends me the rate sheet every day and also ready to give. 625 points as credit towards closing costs. for example, from his rate sheet yesterday the rate for 30 year fixed was "4. 875 (home mortgage loan)
Can I use my current owned home as collateral on new home mortgage loan?
my family and i live in a home legally donated to us by my father. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?. is the home worth more than the home you (mortgage equity loan)
Knowledge Base: Second Mortgage Loan
My mortgage bank is offering me to pay my second loan at a reduced amount. Should I take it?
2 days ago i got a letter from aurora loan services, they are offering me to pay about half of my second mortgage loan and saying that, if i do it, "my loan will be considered payed in full". i have to do it within 30 days and the payment (second mortgage loan)
If someone defaults on their mortgage loan, what happens to the second mortgage owed?
i know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. they also have a second loan for $75, 000. is that forgiven too? are there different rules for second loans? these people have ets. (second mortgage loan)
Pay PMI or second mortgage loan?
we're refinancing and our home value has dropped causing us to pay $105 / month in pmi, but we're still saving $100 / month with the lower interest rate. our ltv is at 83. 4% and once 80% ltv is reached we will have no more pmi. this could take (second mortgage loan)
Should I stay away from a second mortgage interest only loan?
i have been approved for a 1st mortgage at a fixed rate of 7. 38 and a 2n mortgage interest only at 10. 425. this loan is for an investment property. i have been told that the 2nd loan is home equity line of credit. how much will my payments (second mortgage loan)
which law covers a second mortgage loan after a foreclosure?
my home went through forclosure and was sold. i had a second loan on the house and the loan company sent it to a collection agency to try and collect. i believe there is a law that would prevent them from being able to collect on the second. i have (second mortgage loan)
