Am I responsible for a home equity loan on house that is in my name but that my ex-husband lives in?

UPDATED: May 27, 2011

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Am I responsible for a home equity loan on house that is in my name but that my ex-husband lives in?

My ex-husband resides in this house. The mortgage is in his name and there is a home equity loan in my name. I have court documents stating that he is responsible for both loans. If he does not pay I have the right to have the court force the sale of the house, but this will take time and money. He is constantly delinquent which is hurting my credit. What is the worse case scenario that can happen to me? If the loan is not paid can the bank come after any of my assets? I currently reside in FL and I have no interest in the home which is in NY.

Asked on May 27, 2011 under Bankruptcy Law, New York


S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Since you are named on the home equity loan you are obligated to pay the bank in the event your husband does not pay it. They can go after you and your husband together or each individually. If they successfully sue you they will get a judgment at which time they can seek to restrain your assets. Your only remedy at that point would be to sue your ex-husband to reimburse you. I suggest that you consider forcing the sale of your house. Your divorce decree probbably includes language that if he defaults you can seek legal fees, which would help defer some of the costs. Your ex-huabnd might after receiving this, might decide to start paying on time or to have you removed from the line of credit.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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