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SILAS
Approach them and ask
WILBUR
Being that he is joint owner, all they would need are the permission of all 3 parties on the loan itself to take out a home equity loan. He wouldn’t have to sign it, but he would have to agree to it being taken out as it would affect his name also. I hope this helps?
PHILLIP
His interest in the home is still at risk, even if he doesn’t co-sign. If they default it IS his problem as well. I advise against ANY loans on that property….PERIOD!
JOHNATHAN
Dont undermine your husbands relationship to his family.
If money is more important than your marriage then I think you need alot of help, but a mortgage broker wont be able to give it to you.
edit:
I dont mean to intrude on your personal issues but you put them out there.
I just think that maybe you should respect your husbands willingness to help his family. Family is very important and your not the only one hes got. the ethical, compassionate thing to do if your siblings are in trouble is to help them.
Besides its their property, owned by him and his family. I think you should respect that.
Sry if i offended you.
…………… As long as both of you are together on whatever decision you are going to make, then i think everything will be well.
Remember even if the sister opens up a LOC or a second mortgage the only lean would be placed on that property. So in the case of default the only thing that would be jeopardized is that house and as far as you and your husband are concerned only a third of the property price.
I think you should heed the advice of the gentleman who said that its ok to do it as long as the LOC is a third of the market value of the house.
If she defaults you guys can sell the house, payback her debt and still come out with your share.
PS. I still think you should help the sister!
Think of it as an investment in compassion.
and that is priceless!
BRANDEN
He will not be personally responsible for the loan.
However, it still puts the home up as collateral.
So, if she defaults, they can put a lean on the home for the amount of the loan. Make sure she does NOT make the loan for more than her 1/3 share of the home. Make sure it is NOT being placed as a second mortgage. Then, they could foreclose on the home. This is very stupid. I think you should talk your husband into NOT signing anything. It is a very hard decision when it comes to family. But, you can not let one member drag you down. If she got herself into this mess, can she be trusted to be financially responsible to repay this loan?
If she has to claim bankruptcy, bigger problems if she has this loan. My advice, if she is that strapped for cash, let her sell her share of the home to the other two. What is her work history like? Has she had ONE job for a long time? IF so, maybe you can trust her. That is your call.