Married couple obtaining HELOC

Get Legal Help Today

 Secured with SHA-256 Encryption

Married couple obtaining HELOC

In PA, if the home I reside in is owned by my husband and his mother, must I, as my husband’s spouse, be the co-signer on a HELOC strictly because we are married? Couldn’t he obtain a HELOC without me co-signing on the loan? I am not an owner of the home.

Asked on September 7, 2017 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

No, he's not wrong. If you were unmarried co-inhabitants, he would not need you, but the law wants to make sure that a spouse cannot be thrown out of her home because her spouse took out (and then defaulted on) a loan without her knowledge or consent. Therefore, the law gives you some rights to interfere in the foreclosure process even though you are not on the deed, and as a result, the bank/lender will want you to sign as well, to make sure you are aware of and bound by the loan.


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