Posted on: 05th Feb, 2009 07:39 am
Mortgage is in my husbands name, he also owes 15,000 Can. dollars on his line of credit. He has kidney disease and may not be able to ever pay that amount off. Would it be better to put the mortgage in my name? Am i liable to pay off his line of credit if something were to happen to him??
If something happens to him or if he could not pay back the debt, the lender may foreclose the property to recover the outstanding debt amount, because the house itself is kept as a security towards the loan. If you transfer the property in your name, you will be liable to pay off the remaining portion of the debt.