Can one partner takes out home equaty loan or second mortgage without the other partner's singn

if husband and wife own the house together, can one of them(without the other knows) borrow $ from bank to get equaty or seond mortgage on that house? what happens if the second mortgage couldn't be meet and be forceclosure? Will the other perosn resposible for the laon he/she even not knowing? the house is around $800,000. first mortgage is 200,000. second is 400,000.

Can one partner takes out home equaty loan or second mortgage without the other partner's singniture?

If I understand what you are asking, if your husband is not on the loan with you or vice versa, then yes, one can take out a loan without the other. However, if your second delinquent. The first mortgage will know and they will step in, because of course, they are the first. You need to talk with your second mortgage company, they do have options available to you.

Can one partner takes out home equaty loan or second mortgage without the other partner's singniture?

Both husband and wife are on title to the home, so no s/he cannot obtain a equity loan or line of credit without the other spouse's knowledge.

Everyone on the title to the home must be a party to any and all loans made against the property in order to avoid this situation you are describing. Besides, no lender in their right mind would do this after finding out only one of two owners would be on the mortgage.

Can one partner takes out home equaty loan or second mortgage without the other partner's singniture?

If a husband and wife own the house together, and both are on the mortgage, then all SUBORDINATE loans must be obtained with both signatures and both names...one cannot further mortgage the property into debt without the knowledge of the other.

If the HELOC defaults, then the second lienholder can foreclose on the home.

Since both parties will be on both loans, then it's irrelevant if only one party is responsible....b/c they both are.

No way around it.

PS: If you live in a marital interest state, even if only one spouse is on the mortgage and you have both spouses on title, the spouse that is not on the 1st mortgage still has to sign what they call the %26quot;marital interest docs%26quot; on the HELOC at closing...which acknowledges that he/she understands that the property is being mortgaged further.