Financing in Los Angeles>Question Details

Znb, Other/Just Looking in Lakeland, FL

MY BROTHER AND I ARE ON HOUSE DEED , AM I LIABLE FOR HIS EQUITY LINE IN HIS NAME AT THE TIME I OWN THE HOUSE?

Asked by Znb, Lakeland, FL Sun Jun 7, 2009

Help the community by answering this question:

Answers

3
Alexandra Parra’s answer
It all depends what the arrangements were made with the bank. If you are both on title then you should of signed for the loan as well? Definitely I would consult the bank with his question.
0 votes Thank Flag Link Sun Jun 7, 2009
Hi Friend,

There are two items here. We are talking about the Deed and we are talking about the loan. Therefore, regarding the loan if the HELOC is against your property and your brother is on the loan. Your property is still vulnerable if someone doesn't pay the HELOC. The HELOC can foreclosure on the property if it's not paid. Now your brother would have to satisfy this HELOC in order to get the HELOC settled off the property. I hope this was your question and answer for you! Good luck
0 votes Thank Flag Link Sun Jun 7, 2009
Hi Friend,

There are two items here. We are talking about the Deed and we are talking about the loan. Therefore, regarding the loan if the HELOC is against your property and your brother is on the loan. Your property is still vulnerable if someone doesn't pay the HELOC. The HELOC can foreclosure on the property if it's not paid. Now your brother would have to satisfy this HELOC in order to get the HELOC settled off the property. I hope this was your question and answer for you! Good luck
0 votes Thank Flag Link Sun Jun 7, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer