Can a bank legally loan money to a homeowner without the other homeowner’s consent?
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Can a bank legally loan money to a homeowner without the other homeowner’s consent?
My aunt and mother-in-law owned property together. My mother-in-law and her husband got a mortgage loan against the property without my aunt knowing. My mother-in-law just passed away. The home was left to my husband, her son. But the bank has a $20,000 loan against it and his aunt is on the deed. What can we do?
Asked on June 16, 2012 under Estate Planning, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. If your Mother in Law owned the home with your aunt as tenants in common then they each have a right to mortgage the property with out the other's consent. When you inherit the property you inherit with the debt. You have the right, however, to continue to pay the mortgage with out the bank calling it in. Now, you need to speak with ana ttorney in the area as to what is your best course of action. What you want to do will help determine what you can do. Good luck.
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