foreclosure when person who took out mortgage owns only 50% of home

[captchaos145]

Originally Posted by AnesthesiaMD

Every time I have gotten a mortgage, refinanced with cash out, and taken out a home equity loan, they have required both my, AND my wife's signature.

Yes that's because you live in a marital state. Both husband and wife do NOT have to be on the loan for qualification purposes but whoever is left off must sign the security documents at closing. If the lender "made you" both sign the loan documents then they probably needed both of you to qualify. My point is... just because you're married does not mean you both have to go on the loan.

[captchaos145]

It sounds like theer is no equity otherwise they would have sold the property. The brother took out a mortgage against the home, there are back payments due so that is added on to the amount owed, and there are liens on the property. Who knows how much those liens are. It sounds like the brother owes much more than the value of the property. Unfortunately you take a risk when you go into an agreement with anyone. The good news is he was the only one on the mortgage so that mortgage is not reporting on your credit.

If you both put in 50/50 when you took over the house then any money drawn from the home should have been 50/50 too. When he took out his mortgage what did you get?

No disrespect but it does not sound like the situation was handled properly.