Multiple parties on Deed....who can take mortgage out?
This is a discussion on Multiple parties on Deed....who can take mortgage out? within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; All: I have a situation where my Wife inherited a interest in a house from her deceased father. Her Brother ...
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I have a situation where my Wife inherited a interest in a house from her deceased father. Her Brother is the personal representitive for her deceased father. They are re-deeding the house to remove the deceased parties that were still on the deed. Her Uncles are also listed on the Deed. The property is "free and clear", no liens, mortgages etc. One party on the Deed wants to take a mortgage or line of credit on the house. Probate state. Lawyer states that the house will be re-deeded as diercted by personal representitives. One uncle wants to take mortagage on property. Questions: 1.If multiple parties are on a Deed, can one party take a mortgage or line of credit out on this property without the consent of the other parties? 2. Can the personal representitive (brother) make a decision without my wifes involvement? and do we have to live with it? Thanks in advance.!! Marc Phoenix |
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#2 |
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Each party on the deed has equal ownership rights. I would suggest a petition to the court to auction the property. Converting it to cash... each will get part of the whole. The uncle will get some cash or the uncle could buy out your part.
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Questions:
1.If multiple parties are on a Deed, can one party take a mortgage or line of credit out on this property without the consent of the other parties? Answer: No. 2. Can the personal representitive (brother) make a decision without my wifes involvement? and do we have to live with it? Answer: Yes. The Personal Representative does not require involvement from any other party, interested or otherwise. |
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This thread has 2 replies and has been viewed 653 times
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mortagge is on husband's name and deed is on my name
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Do I still have to pay rent to my LL who is in default?
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