Responsible for secured loan?

misspinkcat

Hi all, This is my maiden voyage/first post on the site! I was wondering if anyone could shed light on my query?
In the 1980's my parents took out a secured loan/advance on their mortgage. Both parties signed for the loan but my mums name wasn't on the title deeds at the time they took it out.
I was wondering whether their was any legal significance/implications that my mums name wasn't on the deeds at the time the loan was taken out?
I hope so!!

Many thanks guys!

opinions4u

The significance of Mum's name on the loan means that they can pursue her for payments in the same way that they can pursue Dad for payments.

If both Mum and Dad fail to pay they can the commence possession proceedings.

You don't have to be named on the title deeds to be a party to a secured loan agreement.

somethingcorporate

Not the significance you were looking for I assume??

Thrugelmir

misspinkcat wrote: »

I was wondering whether their was any legal significance/implications that my mums name wasn't on the deeds at the time the loan was taken out?
I hope so!!

Technically your father could sell the property (albeit discharging any secured debt in the process) and do what he wished with the proceeds.

Senior_Paper_Monitor

And it will prevent any claim that she 'lives there' and should be protected from a claim against the property