Legal Question in Real Estate Law in Florida
partition and mortgage
A and B own a home. A takes out a mortgage for half or more of the value. B will start a partition action. Meanwhile, A has been renting the home out. B has not received any monies. A states the loan was taken out for repairs and maintainance. B never received notices of repairs. Will the bank take the loan out of the total sale of the house or is A liable with her half because B never signed anything?
Thank you.
2 Answers from Attorneys
Re: partition and mortgage
Is this a law school exam question? :) Anyway, it depends on how the joint tenancy is held. If it is held as a tenancy in common, it is subject to partition and the lien is valid against A's half. If it is held as a Joint Tenancy with Rights of Survivorship, the bank may be out of luck as B has not signed the mortgage. For more info, please contact my office at (248)851-3171.
Re: partition and mortgage
1. Property is collateral for loan. Both parties are responsible to pay.
2. B may seek reimbursement from A.