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by mmarti47 on May 23rd, 2007

mmarti47

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How can I borrow against the equity in my property with the consent of the other co-owners, but they are not legally or financially liable for the equity loan?

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  • by jalex137 on May 24th, 2007

    jalex137

    You can't. Legal and fiancial liability extends to having the property foreclosed. It's not possible to foreclose and liquidate just your part, so it's not possible to borrow against your equity without putting the co-owners' equity at risk too. They would have to sign onto the mortgage.
    I am neither an attorney nor a real estate professional, but that doesn't stop me from answering strangers' questions on Answerbag.

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