My nephew was out of the country at the time his wife applied for a HELOC. Both of their names are on the title. She pocketed the entire $10K and sent the $20k to pay for a condominium she bought in her country, and my nephew had no knowledge of the transaction until he came back home from his trip. Shouldn't the title company require the non-borrowing spouse sign a WARRANTY DEED for the husband to sign at closing to show his consent? Can any spouse do this without the knowledge of the other to draw funds from the home they both own?
Thanks!
2007-02-15 09:47:01 · 4 answers · asked by Glenadee 1 in Business & Finance ➔ Renting & Real Estate
i am not totally positive but I am pretty sure that since your husbands name is on the house, anything that has to do with that property he has to sign as well. if he quick claims the house over to you, then you can sign on your own, provided you earn enough money to pay it.good luck
2007-02-15 09:50:57 · answer #1 · answered by shelly92555 4 · 0⤊ 0⤋
No that is not allowed; at least not in the state of Washington where I am. I am a loan officer and the spouse has to sign saying that it is ok. Even if they are not on the HELOC they have to agree to have another loan on the home
2007-02-15 09:56:41 · answer #2 · answered by The Voice Of Reason 4 · 0⤊ 0⤋
No, what she did become unlawful, until eventually the nephew left her with a potential of lawyer to accomplish that. generally, the POA could be specific to the transaction for any identify employer or lender to settle for it. There could be 0 reason for a guaranty deed. that's to offer finished possession to the different occasion, and generally in easy terms used in sales. Even a end-declare deed does no longer count number in maximum situations. it is conceivable some states are distinctive, yet i comprehend with actuality that for the duration of my state, Minnesota, whoever closed that mortgage is in severe difficulty. right here, the better half might could sign the non-public loan, and maximum severely, the rescission archives. Your nephew wasn't given his criminal suitable to cancel the non-public loan interior 3 days. The identify employer that closed that mortgage has the accountability to be sure the landlord's rights are secure. yet, it is likewise conceivable the spouse committed fraud, with the help of representing her marital status incorrect. seek for advice from an lawyer. right this moment.
2016-09-29 04:08:58 · answer #3 · answered by ? 4 · 0⤊ 0⤋
The only way this can happen is if the husband filled out a power of attorney giving the wife the right to do this.
The husband should contact an attorney for assistance.
2007-02-16 02:23:09 · answer #4 · answered by txrealestateagent 3 · 0⤊ 0⤋