If my brotherand I are co-owners of a house and he is taking cash advances against our equity line without my permission, can I stop him?

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If my brotherand I are co-owners of a house and he is taking cash advances against our equity line without my permission, can I stop him?

My brother andI took ownership of my parents house after my dad’s death in 2008. The debt on the property is in the form of an HELOC; no primary mortgage exists. My brother has recently made several cash advances against the HELOC without consulting me. Can I legally stop him?

Asked on November 19, 2010 under Real Estate Law, Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Here can be the issue: you can close out the line of credit but sometime it may adversely effect your credit.   Here it is something that may have to have both signatures: you and your brother.  I would contact the bank and see what they need.  If you are stuck on legalities consult an attorney as to what your options may be.  There are actions know as partition actions which technically divide the property between you in equal shares and you could bring up the debt in the same proceeding.  Generally, though. they result in the House being sold. Ask about an injunction as well. There are no easy answers here. Good luck.


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