If you 2 people are on a heloc, do both need to stay on a deed?
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If you 2 people are on a heloc, do both need to stay on a deed?
My ex-husband and I own a home together with a FHA mortgage and a non-assumable heloc. If one of us assumes the primary mortgage, what happens with the deed since we are not able to refinance the heloc out of both of our names due to the house value dropping? Is it smart to get off of the deed and keep the heloc with no property to show for it?Thank you
Asked on June 3, 2009 under Real Estate Law, Florida
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I think you need to talk to an attorney, yourself, about what is in your best interests here. As long as the heloc is in place, with your name still on it, your credit report will show that -- and if your ex-husband is late on the payments, at some point in the future, that will show on your credit report as well. It doesn't sound smart to me.
For reliable advice, you need to have all the facts considered by a good lawyer. This might turn on how the heloc document is worded, your attorney will need to see it, and so on. One place you can find attorneys would be our website, http://attorneypages.com
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