Legal Question in Real Estate Law in Mississippi

Three Owners

If a home was willed to three siblings and one sibbling was interested in taking out a loan to either update the property or lower the interest on the property, do the other two sibblings lose their part in the ownership if their names are not on the refinance loan? If so, what are the rights and responsibilities of the other two sibblings to stop the refinance?


Asked on 10/26/04, 10:10 am

1 Answer from Attorneys
Michael R. Nack Michael R. Nack, Attorney at Law

Re: Three Owners

Your situation shows one reason why it is often not a good idea to own property as joint tenants. Generally, you need the consent of all owners on any issue concerning the property. I wonder what lender will make a loan to only one of three joint owners. To answer your question, one owner taking out a loan will not effect your ownership interest in the property. I would strongly suggest trying to come up with an agreement between all owners before any one does anything. In rare cases where the joint owners can not agree, any one of them might file a lawsuit seeking a partition of the property. Under this procedure the property may be sold and each owner given their fair share of the proceeds. If you need legal advice and would like to discuss this further, you may call me for a free telephone consultation at 314-727-2822.

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Answered on 10/30/04, 9:14 pm


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