Posted on: 03rd Mar, 2013 10:14 am
I have been divorced for 6 years. My ex took out a equity loan on the house which I have just found out about. The house was in both our names and he quit deeded the house to me 3 years ago (after he took out the loan) He is dying of cancer and now I'm worried that a $90,000 loan is going to be mine. Was it legal for him to get the loan without me signing for it?
Hi Cindysang,
Unless your name is mentioned on the mortgage docs, you won't be liable for the loan payments. However, if you were on the property at that point of time, he should have taken your permission before taking out the loan.
Unless your name is mentioned on the mortgage docs, you won't be liable for the loan payments. However, if you were on the property at that point of time, he should have taken your permission before taking out the loan.
Hi Cindysang!
Welcome to the forums!
I agree with Adonis. Unless you're one of the co-borrowers of the loan, you won't be liable for it's payment.
Sussane
Welcome to the forums!
I agree with Adonis. Unless you're one of the co-borrowers of the loan, you won't be liable for it's payment.
Sussane
IF both of your names were in title to the house at the time the mortgage loan was originated (as you suggest), then yes, you would have had to sign the mortgage document. Since you didn't sign the note you are not liable for the payment, and since you owned the property and didn't sign the mortgage, it would appear the lien is unperfected.