Legal Question in Real Estate Law in Massachusetts
Can a mortgage be granted if only 2 of the 3 deeded owners sign the mortgage application.
The 3rd owner was never notified of the loan until 18 months into the loan.
A proper title search was never done indicaticating that there 3 names on the deed not 2.
The 3rd owner was notified by a lawer representing the lender who admitted that an error was made
requesting that the 3rd owner sign a quit-claim deed taking their name of the deed.
Signing the deed would result in the 3rd owner "relinquishing all rights to the property" Failure to sign
would require 3rd party to sign a confirmatory mortgage and become a party to foreclosure
procedures by the lender. 3rd party owner is place in a no win position thru no fault of their own.
2 Answers from Attorneys
3rd Party has ZERO OBLIGATION to do anything.
3rd party did not borrow money, correct?
Part one and two applied for the loan and took the funds. Party three should get his or her own lawyer to protect their rights.
You have no obligation to sign anything. You did not apply for or obtain the loan. It was granted without you knowledge or consent.
Get your own attorney ASAP.
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