To: finnman69
Wanna go have some fun. If you own your house with your wife, go call up 10 banks and tell them you want a mortgage on your half of the house. The bank will tell you to take a hike. Why? As an attorney that specializes in credit and loans, I can tell you that if JFK Jr, drops dead tomorrow, the bank will not be able to collect their mortgage. States in the Northeast have tenancies by the entireties. This means that any lien or judgment creditor of the debtor spouse cannot foreclose or execute on the home if the judgment/lien is only against one of the parties.
To execute a judgment or foreclose a mortgage, both spouses must be obligated under the note and mortgage. I have many cases where we have judgments against a spouse that owns their house by the entireties with a non-debtor spouse. We have to wait for the non-debtor spouse to die first. If the debtor dies first, the non-debtor takes the house free and clear of any and all encumberances that the deceased spouse my have accumulated.
One exception to this rule in those 7-8 states that follow Tenancy by the Entireties is when a property has many units or is capable of partition. If the Kerry's own several hundred acres this may be possible, but usually can't be done.
In summary this mortgage is as bogus as Kerry's core beliefs. He could not have possibly gotten the mortgage except through favortism and special favors from Fleet Bank.
4 posted on
02/23/2004 3:12:31 PM PST by
appeal2
To: appeal2
Good point. Why don't you email the text of your post to Howie Carr @ WRKO and maybe he'll run with it. Wouldn't put it past him......
9 posted on
02/23/2004 3:17:02 PM PST by
CTOCS
To: appeal2
Better yet, you might want to point out these facts to the chairman of the financial institution in question and to their shareholders. Unbelievable.
11 posted on
02/23/2004 3:21:14 PM PST by
mwl1
To: appeal2
"Wanna go have some fun. If you own your house with your wife, go call up 10 banks and tell them you want a mortgage on your half of the house. The bank will tell you to take a hike. Why? As an attorney that specializes in credit and loans, I can tell you that if JFK Jr, drops dead tomorrow, the bank will not be able to collect their mortgage. States in the Northeast have tenancies by the entireties. This means that any lien or judgment creditor of the debtor spouse cannot foreclose or execute on the home if the judgment/lien is only against one of the parties."
Yes. I think the only place where you might be able to get away with it would be California, where "communal property" has a much stronger tradition. But even there I'd be surprised.
This whole loan thing is a big joke. I've posted about it before. Who is paying it off? Kerry couldn't afford a fraction of the payments on his salary.
20 posted on
02/23/2004 4:03:19 PM PST by
Hon
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