Can two owners get a mortgage without the third owner's knowledge?

This is a discussion on Can two owners get a mortgage without the third owner's knowledge? within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; My sister in-law & brother in-law got a $350,000 on a house that my husband is part owner of. They ...

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Old Mar 27th, 2009, 10:49 AM   #1
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Default Can two owners get a mortgage without the third owner's knowledge?

My sister in-law & brother in-law got a $350,000 on a house that my husband is part owner of. They tried to get him to sign 22 days after they got the money and recorded the mortgage but not the new deed. They said they did not need him to get the money. Sowhy did they needhim to sign the documents after they got the money? The documents were notarized and predated,with blank spaces for my husband to sign. The documents that were recorded had his name crossed out. So it looks like they tried to get him to sign on for the mortgage. But he refused to and that led to the selling of the house now. But all involved in this mess have gotten away will the scam. I would like this pratice to stop. But no one cares if we don't sue. We don't want to sue anyone. So everyone gets away with this illegal mortgage and illegal home insurance scam. I forgot to mention they got a homeowner's policy to pay less for it instead of a renter's policy. None of the owners live in the house. There are at least 20 lies on the loan. How can they get way with this? There is so much fraud involved!! So many people closed their eyes to let it go through. I hope there will be new laws to stop this pratice. I just wanted to help correct these errors,but everytime I sent the documents to some one, they stop talking to me. Mortgage IT sent a letter to me,tellingme that Hawthorne Abstract Corp was grossly negligent in this loan.
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Old Mar 28th, 2009, 08:09 AM   #2
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Default Re: Can two owners get a mortgage without the third owner's knowledge?

They can only get a mortgage as to their interests. He still has his own interest.

Also if two or more owners cannot agree on what to do with a piece of property they may petition the court and the court will order a sale or refinancing etc. so that the one or more may get out of the property obligation and/or the other(s) may keep it etc.--it is often done-- (This is true in some cases even for equitable owners that have paid various amounts etc., but for various reasons, may not be on title.) You could threaten to take this action if need be.
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