Foreclosures—Lender Took a Mortgage From Only One of Three Joint Owners—Court Rejects Lender’s Claim for an Equitable Mortgage or Other Equitable Relief Against the Other Two Owners—Action to Quiet Title
Plaintiffs “A” and “B” initially purchased property as tenants in common (TIC) in 2002. In June 2005, “B” transferred his interest to “C” and that transfer was recorded. On the same day, “A” and “C” entered into a “Consolidation, Extension, and Modification Agreement” (CEMA) with their mortgage lender. The CEMA was also recorded. In May 2008, “A” and “C” brought “B” back into the ownership chain and the property was deeded to “all three as [TIC]” and that transfer was also recorded.
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