Legal Question in Real Estate Law in Pennsylvania
foreclosure
Our mother passed away in a nurseing home. Her home was to be sold and devided between the three children, but my youngest brother still lived there, all his life. not wanting to make him leave, we agreed on a price of 75,000 for the house and he just pay 25,000 to my brother and my self. He said he could never get a loan. we went to a lawyer to get the home in the three names, made sure there were no leins on the house and proceeded. unknown to us, my younget brother was applying for a 103,000 home equity loan. somehow things passed buy each other ---the loan went through in his name and the house went in all three named. the lawyer has it as tenants in common and not as joint tenants, with right of survivorship.
Now they are foreclosing on the loan because my brother hasn't paid for three month. My question is: Will that affect only Terry's one-third share of the house, or my older brother and my share as well?
1 Answer from Attorneys
Re: foreclosure
If you did not all sign the mortgage, the lender does not have a valid mortgage on the property. In order to be able to foreclose against the property, all three of you would have had to sign the mortgage, even if the loan was only to your brother.
If all of you did sign the mortgage, then the lender may foreclose on the property and you are at risk of losing your interest in the property.
Consult with a real estate lawyer in the county where the house is located to help determine whether the mortgage lien is on the interests of all three of you or not, and what you can do to protect your interest.
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