I own 1/4 share of a condo in Florida. Another person owns the remaining 3/4. He took out a mortgage for 75,000 on the property without my consent. Mortgage agreement was prepared by him through a company called NGAI, Inc. out of New York which appears to be an organization that he is associated with as it is noted on the mortgage documentation that is was prepared by him. (also, he is a lawyer practicing in New York). Can he do that without my consent? Will I be liable in anyway if he defaults on mortgage? Thank you.
Answer
He probably only mortgaged his share of the premises.
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