Need a loan to pay off debt, but not on mortgage, only on deed of property.
2007-07-02 05:40:23 · 6 answers · asked by Lisa65 1 in Business & Finance ➔ Renting & Real Estate
If you are in title, you have the right to mortgage. BUT something isn't kosher here. The OTHER mortgage is probably in first lien position and will either have to be paid out, addressed by subordination or acknowledged by the new lender in some fashion
** Not sure what you mean by 1st lien, here's more detail, the house was bought by my mother-in-law and given to my husband and I, so we are all on deed, my husband and I 25% my mother -in-law 50%? Does that make sense?
2007-07-02 05:46:52 · update #1
Thanks so much for the answers's!! So my husband and I are 50% total & my mother-in law 50% but I will need all signatures for loan. We are trying to pay off bills, so that we can pay the $10K for Penn State... tuition....
2007-07-02 06:15:40 · update #2
If you are in title, you have the right to mortgage. BUT something isn't kosher here. The OTHER mortgage is probably in first lien position and will either have to be paid out, addressed by subordination or acknowledged by the new lender in some fashion
YOu SAID there was a mortgage; I'm assuming your mother in law purchaced with a mortgage. So you are ON the deed with 2 other people; and unless you are tenants in common, you are going to need the other 2 signatures as well; and you'll still have to deal with the fact there is already a mortage on the property
2007-07-02 05:44:05 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
in the adventure that your husband pledged the dwelling house as collateral for the non-public loan, the creditor can come after the dwelling house, regardless of no rely if or no longer you have a end declare out of your husband. The end declare deed basically relinquished your husband's possession pastimes to you. It does no longer invalidate liens latest on the valuables. Had you taken out new identify insurance and/or checked the liens on the valuables, you are able to have been attentive to the life of the lien. The lender's judgment against your husband is cut loose the lien on your place. Assuming that the lien on your place is valid, the lender can foreclose on the dwelling house to result cost of what's owed.
2016-11-07 23:01:07 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes, but it would be considered a 2nd mortgage on the property and some mortgage companies will only make a loan if ALL people on the deed are on the loan.
2007-07-02 05:42:58 · answer #3 · answered by sortaclarksville 5 · 0⤊ 0⤋
You can get a loan on the equity, but everyone on the deed would need to agree. The bank does not care how you divide it up, all would be 100% responsible for the loan. You can't have a forclosure only on your 25%, so no loan on it that way either.
2007-07-02 06:01:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would think that you would be able to borrow against the equity in the home if you are on the deed, but if you are borrowing by yourself, you may only be able to borrow up to your percentage of the equity? And, like the other people said, the other loans would have to be noted and acknowledged in the loan process.
2007-07-02 05:55:46 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
As long as Mom-in-law is involved and signs too, you're fine.
You just can't take equity out of the home without the other owner's knowledge.
2007-07-02 12:42:24 · answer #6 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Yes you can get a mortgage. It would be a cash-out Refi and pay off the other mortgage.
2007-07-02 05:51:27 · answer #7 · answered by s_uperdave 3 · 0⤊ 0⤋
my mother is the only one on mortage she's too old too sign for a2nd loan my name is on the deed her daughter can I get a loan without her signing
2014-10-27 05:30:26 · answer #8 · answered by Anonymous · 0⤊ 0⤋