IF MY HOUSE IS PAID OFF AND I AM CO-OWNER WITH MY WIFE, WHAT CAN I DO LEGALLY TO PREVENT HER FROM USING IT AS COLLATERAL FOR A LOAN?
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IF MY HOUSE IS PAID OFF AND I AM CO-OWNER WITH MY WIFE, WHAT CAN I DO LEGALLY TO PREVENT HER FROM USING IT AS COLLATERAL FOR A LOAN?
Asked on July 22, 2011 Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Potentially you can record a document on your jointly owned property stating that no liens can be voluntarily be secured by your house for a loan solely signed by your wife. Your signature must also be obtained.
By doing this, any lender who wants to secure the house for a loan without your signature and knowledge is on knowledge that you require notice of the loan and if placed without your signature and approval, the loan's security most likely would be deemed invalid.
From a practical point, most companies that want to secure a house jointly owned require all property owners of record to sign loan documents and the mortgage.
Hope this answer sends you in the right direction.
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