Legal Question in Real Estate Law in New York

Is a contract for a home line of credit valid, if the co-borrower (my wife) did not sign the contract?
We have a line of credit on our home which we maxed out last year and lived on, due to my unemployment, and we fell behind on our payments. We have a first mortgage that we are trying to deal with. the second lien holder is threatening us with foreclose as well. I need someone with legal knowledge to answer my question.
Is the contract (line of credit) valid if the co-borrower on the mortgage and the deed did not sign the document?
Thank you for your help.

Asked on 12/02/12, 10:59 am

Thomas Sirianni The Law Office of Thomas A. Sirianni

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Give me a call so i can answer your questions. 516-314-1343 tommy

Answered on 12/02/12, 11:29 am

David Slater David P. Slater, Esq.

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yes, either owner can sign.

Answered on 12/02/12, 3:37 pm

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