Q: 2 people getting a loan, 1 owns land used for collateral Do both people need to be on deed of property?
The bank has requested a quit claim to put the other person on title of collateral property to get loan. Is that true?
A: If two people are not married, a person (and his or her spouse) who owns the real property may give a mortgage of the property to secure a loan. The bank may have concerns about making a loan in which there is not an identify of interest between the owners of the collateral and the borrowers on the loan. You should seek the assistance of an attorney to negotiate the situation with the lender.
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