If my brotherand I are co-owners of a house and he is taking cash advances against our equity line without my permission, can I stop him?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If my brotherand I are co-owners of a house and he is taking cash advances against our equity line without my permission, can I stop him?

My brother andI took ownership of my parents house after my dad’s death in 2008. The debt on the property is in the form of an HELOC; no primary mortgage exists. My brother has recently made several cash advances against the HELOC without consulting me. Can I legally stop him?

Asked on November 19, 2010 under Real Estate Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Here can be the issue: you can close out the line of credit but sometime it may adversely effect your credit.   Here it is something that may have to have both signatures: you and your brother.  I would contact the bank and see what they need.  If you are stuck on legalities consult an attorney as to what your options may be.  There are actions know as partition actions which technically divide the property between you in equal shares and you could bring up the debt in the same proceeding.  Generally, though. they result in the House being sold. Ask about an injunction as well. There are no easy answers here. Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption