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equity loan guestion

equity loan taken out. both owners on deed.both owners have recorded mortgages.why only one name on loan? by cheeta1x716 from Willoughby, Ohio. Oct 25th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info need.. your question is confusing.. If you have a home, with two borrowers on the loan and deed.. and then you apply for a 2nd against the same property, then both owners of record would need to sign in order for the 2nd loan to go through.. otherwise, in the event of a default, the lender would only be able to collect from the signing party, and could not technically foreclose on half a property.. But if you are saying that you both signed for the original mortgage and deed, as well as the new 2nd, but the new 2nd is only in one name.. than that's probably not likely.. Sometimes, mortgage statements will come with only the primary borrowers name, but that doesn't mean that the actual loan is in one name only.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Oct 26th 2017
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