can one partner takea out equity loan or second mortgage without the other partner’s singniture?

Deal Score0

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 couldn’t 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

  1. Reply
    craig b
    April 29, 2011 at 11:30 pm

    I believe it depends on the state and their loan laws. In Minnesota, one cannot get a loan of any kind without lying or spouse’s sig.
    Sounds like a divorce is in the works.

  2. Reply
    April 30, 2011 at 12:21 am

    need to get lawyer fast.

    Leave a reply

    Register New Account
    Reset Password