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
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.
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