If you 2 people are on a heloc, do both need to stay on a deed?

UPDATED: Jun 3, 2009

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 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

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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption