If my ex wishes to take a home equity line of credit on a property we jointly own, how can I protect my share? would partial buy out be better legally?
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If my ex wishes to take a home equity line of credit on a property we jointly own, how can I protect my share? would partial buy out be better legally?
Asked on October 30, 2011 under Real Estate Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the "ex" wishes to use real property that you still own with him or her as security for a line of credit, most likely the lender will not approve the loan unless you sign off on it as another owner. If you do not sign off on the security to be used as collateral for the desired loan, most likely your "ex" will not get the line of credit.
I would not worry too much about the current situation.
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