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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Old Dec 24th, 2008, 01:25 PM   #1
Marc
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Default Multiple parties on Deed....who can take mortgage out?

All:
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
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Old Jul 28th, 2009, 12:29 AM   #2
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Default Re: Multiple parties on Deed....who can take mortgage out?

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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Old Jul 30th, 2009, 02:15 PM   #3
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Default Re: Multiple parties on Deed....who can take mortgage out?

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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