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Can a wife take a Home Equilty Line of Credit w/o the signature of her husband and both names are on the title |
My nephew was out of the country at the time his wife applied for a HELOC. Both of their names are on the title. She pocketed the entire $10K and sent the $20k to pay for a condominium she bought in her country, and my nephew had no knowledge of the transaction until he came back home from his trip. Shouldn't the title company require the non-borrowing spouse sign a WARRANTY DEED for the husband to sign at closing to show his consent? Can any spouse do this without the knowledge of the other to draw funds from the home they both own? Thanks! no lign="right" > Sign in to vote! Unless she had a POA (power of attorney) I don't see how legally she could have done this. I work in the mortgage industry and if both are on the title-the wife can't do w/o husbands signature either on titlework or POA lign="right" > Sign in to vote! No she can't. Both people need to sign. There is probably some fraud involved if this got past the title company. lign="right" > Sign in to vote! No, what she did was illegal, unless the nephew left her with a power of attorney to do so. Usually, the POA must be specific to the transaction for any title company or lender to accept it. There would be zero reason for a warranty deed. That's to grant complete ownership to the other party, and generally only used in sales. Even a quit-claim deed wouldn't matter in most cases. It's possible some states are different, but I know with certainty that in my state, Minnesota, whoever closed that loan is in serious trouble. Here, the spouse would have to sign the mortgage, and most importantly, the rescission documents. Your nephew wasn't given his legal right to cancel the loan within 3 days. The title company that closed that loan has the responsibility to ensure the owner's rights are protected. But, it's also possible the wife committed fraud, by representing her marital status wrong. Consult an attorney. Quickly. |
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