Tenants In Common

[cwjr1835]

What does tennents in common mean in FL?

If you have tennants in common on a deed do both have to be on the mortgage or can only one be on the mortgage?

[seniorjudge]

Q: If you have tennants in common on a deed do both have to be on the mortgage or can only one be on the mortgage?

A: No and only one. For example, if I own 50% of the land and you own 50% of the land, then I can mortgage my part without getting your permission.

[cwjr1835]

what happens if you have tennants in common on the deed but party #1 is on mortgage and not party #2. Party #1 defaults on the mortgage payments and the bank tries to foreclose. what happens to party #2's interest in property?

[seniorjudge]

Q: what happens if you have tennants in common on the deed but party #1 is on mortgage and not party #2. Party #1 defaults on the mortgage payments and the bank tries to foreclose. what happens to party #2's interest in property?

A: Nothing.

[cwjr1835]

can you elaborate? How does party #2 in scenario above retain interest in property if bank forecloses? Or are you saying party #2 looses their interest in property?