Is it legal for someone to be on a HELOC without being on the deed or promissory note?

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Is it legal for someone to be on a HELOC without being on the deed or promissory note?

im going through a divorce and my wife wants me to pay her money from our HELOC. But she has informed me that I’m not on the deed or the promisary note to the house.

Asked on October 4, 2010 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You can't get a HELOC, or a "home EQUITY line of credit," if you don't have equity. If you're not an owner of the house, which would appear to the be the case from what you write (e.g. not on deed), then you could not qualify for or be on a HELOC. (Note: if you believe that you should be owner--e.g. the two of you bought the home jointly--you should speak with a real estate attorney about the situation.)

Of course, even if you're not on the loan, you could have an agreement to pay the HELOC or a part  of it, and such an agreement could be part of your settlement; i.e. you could voluntarily take on the obligation of paying. It could also be something ordered potentially by the court.


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