Legal Question in Real Estate Law in Florida
Joint Ownership of house and property
Is it legal for one of the owners of jointly owned property to take out a first mortgage without the knowledge or signature of the other owner?
2 Answers from Attorneys
Re: Joint Ownership of house and property
yes, as to their share.
Re: Joint Ownership of house and property
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It might be legal but I do not know any lender in the State of Florida who will approve a loan like this as their mortgage will not be secure against the property. Both parties on the deed must agree to the mortgage and execute it in order for it to be a valid lien.
Scott R. Jay, Esq.