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    sidraji's Avatar
    sidraji Posts: 3, Reputation: 1
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    #1

    Feb 2, 2009, 06:54 PM
    Applying for line of credit on a property
    Hi... I live in a house which is shared with three other partners.. one of the partner wants to take a line of credit on our house.. I just want to know if he can do it alone without us siging it on his own... if he can, would he be able to take money out from there. does effect our mortgage, I mean can he take a kind of loan on our joint property without our consent... is line of credit on a property considered a loan from the bank on our property. I'm scared that he is trying to take money out from the house equaity before we sell it... can he do that?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 2, 2009, 06:56 PM

    Yes, if the property is used to secure a line of credit, it puts a lien on the property if you use that line of credit
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