Mississippi  |  Real Estate Law

Legal Question

Asked on: 8/19/13, 2:21 pm

Is it legal for someone to re-finance a home that is jointly owned by two people and take cash out without the other person's permission??

1 Answer

Answered on: 9/06/13, 5:50 am by Albert Pettigrew

Generally, a co-owner can do what he wants with his interest in a property except to the extent it impairs the other co-owner's interests. However, I was recently reminded that the general rule generally does not apply in a particular situation.

If the property is owned jointly with another so there is a right of survivorship between the owners, one owner can still convey his interest away but the conveyance is allowed to destroy the other owner's right of survivorship. A right of survivorship is a right of the last surviving owner to the other owners' interests in the property..

Homestead rights protect a spouse by voiding a conveyance by the other spouse.

Additionally, an owner may be protected by other owner actions by insurance, guarantee, indemnification, and use agreements; liens; conveyances; and lawful restraints on alienation.

If the debtor has forged the non-debtor's signature on a loan agreement, the latter may be a victim of an identity theft crime. If so, there is a statute of limitations for prosecution of such cases.

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