Is one owner of a house liable for an ELOCif the other owner obtained it without their signature?

Get Legal Help Today

 Secured with SHA-256 Encryption

Is one owner of a house liable for an ELOCif the other owner obtained it without their signature?

A male and a female purchased a home together. The male obtained and ELOC without the female’s signature. The male later signed ownership over to the female by special warranty deed. Is the female still liable for the ELOC when selling the home?

Asked on February 20, 2012 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

In your situation's fact pattern, the female who to legal title to the property in full by the special warrantly deed from the male takes full legal title to the property subject to the ELOC (equity line of credit) in place.

I find it out of the ordinary for the male joint owner to have obtained the ELOC where his interest in the property was security for it without the other owner of record being asked to sign a document by the lender allowing it.


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 with SHA-256 Encryption