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If you have the means to borrow money, you may spend that money in whatever manner you choose.

The important question should be:

Is it wise to pay off another persons mortgage?

NO. If they cannot pay their mortgage they probably cannot pay you either.

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Wiki User

13y ago

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Is it legal to require a satisfaction for an unrecorded mortgage?

It depends on the laws in your specific jurisdiction. In some places, it may be legal to require a satisfaction for an unrecorded mortgage as a condition of the loan agreement, while in others it may not be enforceable. It is advisable to consult with a legal professional in your area for specific guidance on this matter.


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Can one of the dual owners borrow money on the home without the other owners signing?

In general, if two individuals are co-owners of a property, one owner cannot unilaterally borrow against the home without the consent of the other owner. Most lenders require all owners to sign the mortgage documents, as all owners have a legal interest in the property. However, specific circumstances can vary based on local laws and the terms of ownership, so it's advisable to consult a legal professional for guidance.


Can you borrow against an outstanding loan?

No ... because you have no collateral to borrow against. If you are a homeowner, and have built up a fair amount of equity from years of making payments, you could borrow against that. Lenders will require some sort of guarantee that in the event you decide not to repay them, they would have legal recourse to collect the monies owed them.


Do all states require a homeowner to carry homeowners insurance even afer a house is paid off?

No, Not a single one of them. There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.


How can I take a mortgage on my house?

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What legal rights does a spouse have if the others refuses to contribute to mortgage and other debts?

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