Deltona, FL asked in Real Estate Law for Florida

Q: I am a co-signer For my son’s mortgage loan. InColoradHe wants to apply for a revolving line of credit with another bank

Using the house as collateral. The application requires me to sign a deed trust to them. It appears that if the loan becomes in default ie son dies, they have the option to auction the house without my concurrence. Is this legal? Or accepted practice? I live in deltona Fl. The house is in Colorado Springs co

Related Topics:
1 Lawyer Answer
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Freeeport, FL
  • Licensed in Florida

A: Apparently, the use of deeds of trust is more common in Colorado than in Florida. It would be like a second mortgage. So yes, it's probably "legal", although the bank may have to pay off the first mortgage if the house is sold at a default.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.