Legal Question in Real Estate Law in Texas

second mortgages on homes

If a married couple owns a home and it is in BOTH of their names, is it legal for one of them to take out a second mortgage on the home without the other one's knowledge???


Asked on 8/19/08, 8:03 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: second mortgages on homes

It is legal, but stupid for the lender to do. The lender can't foreclose against the non-bound spouse and if the loan goes into default, they can only foreclose on 1/2 of the interest.

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Answered on 8/19/08, 9:18 am


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