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I am on the deed of my father. As of two years ago. He had a…

Customer Question
I am on the...

I am on the deed of my father. As of two years ago. He had a loan that matured this month. They are saying i need 5o sign for a new loan. I am not on the first loan. It is a personal loan. Do i have to sign and if i dont can the bank take the house

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Tn.

Lawyer's Assistant: Has any paperwork been filed?

No the bank called me saying his loan has matured and i need to sign new loan

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Do i have to sign and if i dont can they take the home? Also dont they have to ask me before giving more money on that loan?

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 1 hour by:
10/4/2017
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 22,033
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago

Could you explain a little more?

Where is your father?

Why are they asking for your signature on a personal loan of your father's?

Thank you for your cooperation.

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Customer reply replied 8 months ago
My father lives in the home. The loan be had is maturing and is due. But i have already shared that information with you.
Customer reply replied 8 months ago
No i do not wish to incure any further fees when my question hasnt been addressed.
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago

Thank you for the information. Yes, I understand that the loan is maturing. I just wanted clarification why your signature is now being requested for a new personal loan for him. In any event, you have no legal obligation to sign for the loan. No, the house is not going to be foreclosed solely because you refused to sign for the loan.

Best wishes,

A positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating.

Thank you for your cooperation.

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Customer reply replied 8 months ago
Thank you for the reply. The bank stated that if he couldnt put the house back up that the would force the sale to pay the loan off. My name was placed on the home two years ago he has had the loan more years than that.
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago

They can simply renew the loan without your signature. You should not sign the Note to be personally responsible for the loan.

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Customer reply replied 8 months ago
your saying i dont have to sign the loan and the can not put a lean againt the property. Even though he owes the money. And the properity is also in his name?
Customer reply replied 8 months ago
can i tell them that you as a lawyer has advised me in this matter
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago

So your saying i dont have to sign the loan and the can not put a lean againt the property. Even though he owes the money. And the properity is also in his name?

Response: That is not what I said. I never said that they cannot put a lien on the property. Of course they can put a lien on the property because the loan is a lien on the property--the property is being used as collateral for the loan. I only stated that they can renew the loan without your signature and that you should not sign the Note to be personally responsible for the loan.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 8 months ago

I am not your Attorney. I do not give legal advice on the site. I only give general legal information. Kindly review the terms of service.

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