Legal Question in Banking Law in Maine
property as collateral
I co-own property with my mother can I use my portion as collateral for a personal loan or does she need to sign off on this also
Asked on 6/07/09, 2:11 pm
1 Answer from Attorneys
RAMAN KUMAR BHARDWAJ
R.K. BHARDWAJ & ASSOCIATES
Re: property as collateral
if he property of your is joint , u can take the loan at your own, however the bank may insist upon the signatures of your mother keeping in view of the joint ness of the property to avoid any future problem in recovery, so that also to made liable your mother
Answered on 6/07/09, 10:49 pm
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