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?- 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
- 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
- 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
Knowledge Base
Has anyone been able to get a mortgage loan with bad credit?
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How long will it take the latest 3 / 4% interest rate cut to affect the mortgage and loan companies rates?
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How can i get low interest rate mortgage loan?
my household my self and my wife income is around 42k per year. i am planing to buy house. will i get any low interest rate because of low income. my credit score is really good above 800. interest rate is more dependent on the type of mortgage and your (bad credit mortgage loan)
Knowledge Base: Mortgage Loan
Getting pre approved for a mortgage loan with BAD credit?
im trying to buy a house and i know which house i want. i tried to get pre approved and they told me that i needed to pay off my bills first. im using sony mae mortgage loaning and i just want to know why or how i can not (mortgage equity loan)
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 (home mortgage loan)
What is a normal mortgage loan rate for someone with no credit? Living in Central OK ?
i am looking online at some houses and have never tried to buy one before. i have always rented. i live in central oklahoma and have next to no credit. i know the range is like 5 - 10%, but that's about all i know. current rates for a conventional (home mortgage loan)
Can you get a bad credit mortgage loan anymore?
have a credit score of around 620 - 640. past wage garnishment a year ago but paid off early. past car repossession reason for the garnishment. other small things charged - off. only looking for a mortgage loan of $25k or less with $10k for down payment. with todays economy, (home mortgage loan)
One of my mortgage loans is 20k at a rate of 9%. What steps do I take to best refinance the smaller loan?
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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)
Pay PMI or second mortgage loan?
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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 (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)
