Posted on: 07th Aug, 2007 08:01 pm
My husband is on title but not loan...child support is garnishing his wages from a previous marriage of 15 years ago. I bought this house with money from my first home owned by me free and clear...I would like to remove his name from title since I am the sole party on the loan. Will that protect my property from his debt?
Thanks dgamboa
Thanks dgamboa
Hi Dgamboa,
Welcome to the forums.
Your name is not on the title but it is on the loan. So, it's your liability to pay off the debt.
Now, if he has taken any loan against the house, it will be his responsibility no doubt. But if he stops paying for the loan, then there's a possibility that the lender may take away his property in order to get back the funds he has invested.
Take care and if there's anything more that you would like to discuss, please feel free to do so.
Welcome to the forums.
Your name is not on the title but it is on the loan. So, it's your liability to pay off the debt.
Now, if he has taken any loan against the house, it will be his responsibility no doubt. But if he stops paying for the loan, then there's a possibility that the lender may take away his property in order to get back the funds he has invested.
Take care and if there's anything more that you would like to discuss, please feel free to do so.
"I would like to remove his name from title since I am the sole party on the loan. Will that protect my property from his debt? "
Yes if he is removed from title then his creditors won't be able to put any claim against the property. But consult your lender whether it will be required to refinance because of the title change or not.
Miller
Yes if he is removed from title then his creditors won't be able to put any claim against the property. But consult your lender whether it will be required to refinance because of the title change or not.
Miller