Legal Question in Real Estate Law in Illinois
Tenants in Common
If someone has clear title to her home and puts someone elses name on it and it reads So and So AND So and So, does the other party have a right to borrow on her half ownership without the knowledge of the first party that purchased the home? Thanks.
Sandy Mowell
Asked on 1/19/03, 4:23 pm
1 Answer from Attorneys
Jay Pollak
The Pollak Law Firm, LLC
Re: Tenants in Common
Yes. If any lender is dumb enough to make a loan under those circumsances. The person borrowing the money owns 1/2 the real estate. If some one is willing to take a 1/2 interest has security they can borrow against it.
Answered on 1/19/03, 4:52 pm
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