secure a loan for only one applicant. i.e. can the wife take out a secured loan on her half of the property without husband's knowledge?
2007-03-22 21:40:19 · 7 answers · asked by Linda C 2 in Business & Finance ➔ Personal Finance
yes it is possible and it is not fraud. A lender can loan you money on the terms that it decides. Depending on how you hold title, you husband's interest in the home may or may not be obligated to the debt. Further, the lenders ability to get to the property as collateral is also affected that is why PRACTICALLY speaking, when you apply for a loan and the house is to be used as collateral, and they see two names, they will want your spouse to join on the loan.
So the question CAN IT BE done? The answer is yes, it can be done but it is not usually done.
Fraud comes into play if/when they ask for your husbands consent and you or someone other than him forges his name on a loan document.
2007-03-24 03:20:03 · answer #1 · answered by myfinancialmentor.com 2 · 0⤊ 1⤋
No she can't. the property is in both their names and as it is a whole property it cannot be taken on just 'half' by one party. if the loan wasn't repaid what would they do? take half the house away?
2007-03-22 21:47:10 · answer #2 · answered by Andromeda Newton™ 7 · 1⤊ 1⤋
the short answer is no.
that's because in the event that you default on the loan, your loan provider will want to know that they can take possession of the property in order to get their money back.
obviously that's risky if they don't have full title to the property.
2007-03-22 21:53:42 · answer #3 · answered by Anonymous · 2⤊ 1⤋
no you cant do that, it has to be secured on the whole property and you shouldnt keep secrets from each other
2007-03-22 21:50:20 · answer #4 · answered by jojo78 5 · 0⤊ 1⤋
yes
bad isn't it
because the husband or wife could then leave the other with the debt
2007-03-22 21:48:09 · answer #5 · answered by Anonymous · 0⤊ 1⤋
no both parties have to sign for loan
2007-03-22 21:44:04 · answer #6 · answered by fatdadslim 6 · 1⤊ 1⤋
You already have your answer above It's a firm NO
2007-03-22 21:51:42 · answer #7 · answered by David 4 · 0⤊ 1⤋
no its fraud if he doesn't know
2007-03-22 21:43:53 · answer #8 · answered by Anonymous · 1⤊ 1⤋