I bought my house when I was still single. The house is paid off. I put my mother as a joint owner. Few years later my mother moved in with me. After I got married I bought a house together with my wife on condition, we sell the previous one. After I moved out, my mother changed her mind and wouldn't sell the house. There was enough money for her to buy a new place but she didn't want to move. We need the money badly at this time and not only she doesn't want to sell the house or buy me out, she just took equity loan using the house as collateral and is gambling it away in Las Vegas. I would like to know if it's legal to give equity loan to one owner without the other knowing anything about it. After all I am on the title and this is my house as well. And my second question is how can I sell this house now. Thank you.
2006-07-24 11:34:42 · 3 answers · asked by MadMax 3 in Business & Finance ➔ Renting & Real Estate
i would get a legal opinion from an attorney in your state.
2006-07-24 11:39:56 · answer #1 · answered by J Somethingorother 6 · 0⤊ 0⤋
Yeah thats a tough one. Most states would not allow one person to take equity out of a home without all owners either signing loan documents or quit claiming off title(Someone did a naughty). You need to probably put your foot down with your mom and sell the home reducing her share by the amount she took out already. Especially if she is being tottally irresponsible with the proceeds of her fraudulent equity line.
2006-07-24 12:03:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
2 owners 2 names need to be on the loan. if you did not sign there are several options none very pretty.
sue the company and they will charge your mother with fraud. charge your mother with thief and fraud. 3rd have your mom consider incapable to tend to her own affairs so she doesn't do it again
2006-07-24 11:41:47 · answer #3 · answered by ML 5 · 0⤊ 0⤋