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If you own property with another partner and want to take a line of credit to pay off bills does the other owner have to be involved with the process?
The standard procedure of granting a mortgage requires that all owners sign the mortgage. When only one co-owner has signed that is usually due to someone's serious mistake or some special arrangement with the lender who is aware they are only acquiring a half interest in the property. One person cannot encumber the other person's interest. If only one co-owner granted a mortgage and the borrower defaulted then the lender could only foreclose on the interest of the person who granted the mortgage. The lender would become a tenant in common with the other co-owner who didn't sign the mortgage. Both would then be entitled to the use and possession of the property. Careful lenders avoid that sort of situation by examining the title to determine if there are outstanding liens AND to determine the legal owner of the property.
What else can I help you with?
Why is reactivity not a property?
Reactivity is not a physical property because it's a characteristic of a chemical element or compound and is involved in chemical process.
Is chemical property involved when iron is coated with zinc to prevent if from rusting?
It is a chemical process.
What process are involved for a Canadian wanting to purchase a property in the US?
just buy it, there are no laws to stop u buying
Can a right of way be removed from a property?
Yes, a right of way can be removed from a property through a legal process such as a court order or by mutual agreement between the parties involved.
Why is reactivity not a physical property?
Reactivity is not a physical property because it's a characteristic of a chemical element or compound and is involved in chemical process.
How long does the divorce process take in kenyan if both parties have agreed to get a divorce and there is no property involved?
In the U.S.A it will finish faster.
Is evaporating alcohol a chemical property which distinguishes one substance from another?
No. Evaporation is a physical process and it does not distinguish one substance from another.
Can I transfer my mortgage to another property in the USA?
Yes, it is possible to transfer your mortgage to another property in the USA through a process called mortgage assumption or mortgage transfer. This involves the new property meeting the lender's requirements and the approval of the lender.
What is the process for porting a loan to a new property?
Porting a loan to a new property involves transferring an existing mortgage from one property to another. This process typically requires approval from the lender, an assessment of the new property's value, and may involve additional fees or adjustments to the loan terms.
Can tickets affect the process of becoming a US citizen?
Yes , if they are moving violations. Especially DUI or any injury or property damage involved.
An individual involved in the communication process?
an individual involved in the communication process
What is a PTA instrument in property sales?
A PTA (Property Transfer Agreement) instrument in property sales is a legal document that outlines the terms and conditions for transferring ownership of a property from one party to another. It typically includes details such as the purchase price, payment terms, and any contingencies involved in the sale. The PTA serves to protect the interests of both the buyer and seller during the transaction process, ensuring that all parties understand their rights and obligations.
