Mortgage where one owner is missing for 2 years

[rselling2004]

What is the name of your state? Florida

I'm helping someone in refinancing their home (no, I'm not a mortgage lender or broker). The deed to the house and current mortgage has the signatures of two owners (unmarried). Owner #1 has paid all property taxes, insurance, mortgage pmts, etc. Owner #2 has left the US and can't be found in US or Mexico. Owner #1 would like to refinance the house; the lenders require a mortgage. Can Owner #1, alone, sign the mortgage, since Owner #2 has been missing for 2+ years and can't be found?What is the name of your state?

[seniorjudge]

Q: Can Owner #1, alone, sign the mortgage?

A: No. You really need to check with a very good real estate attorney. You may need a partition suit here. The court will sell the place on the courthouse steps and the owners will split the proceeds (if any).

[danno6925]

The court will sell the place on the courthouse steps and the owners will split the proceeds (if any).

but if owner #2 can't be found how can the proceeds be split?

[lawscience]

I own with brother as tenants in common. He is long gone now. I thought tenants in common meant I could sell my share separately. If true, the buyer should be able to obtain financing without the other owner's consent, right? But like the poster's case, I am having trouble refinancing my portion as the lenders are requiring the co-owner's signature.

State=PA

[seniorjudge]

Originally Posted by danno6925

but if owner #2 can't be found how can the proceeds be split?

If owner #2 could not be found, the court would keep the dough till he showed up (or, if he died, his heirs).