My name is in the title and owner of 50 but not co signer of the mortgage,Can bank foreclose it ? What are my rights?
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My name is in the title and owner of 50 but not co signer of the mortgage,Can bank foreclose it ? What are my rights?
Bank is going to foreclose our house but in the court they didnt mentioned my
name as a co owner, can they still foreclose ?
Asked on January 16, 2017 under Real Estate Law, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
There are several different ways that someone can be co- or part-owner of real estate (e.g. as joint tenants with right of survivorship; tenancy by the entirety; co-tenants), and the exact way you own the property will affect your rights. Therefore, the following answer is a oversimplification and a general answer, but for a definitive answer addressing the specifics of your situation, you have to review your ownership and the mortgage in detail with a real estate attorney.
The above caution about getting individuated advice acknowledged, no--generally, when there are two owners but only one mortgages the property, the lender cannot foreclose. That's because the owner who mortgaged cannot mortgage more than he or she owns; that means that he or she cannot cause you to lose your interest in the property, since he or she does not own or control your interest. He or she can only mortgage his or her interest, which is not enough to let the property be seized from you, too.
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