QUESTION
Just got a divorce and judge ordered for me the pay Home Equity loan, how do I get husband’s name off first?
Asked on Dec 01st, 2012 on Divorce - Illinois
More details to this question:
Husband and I have a home equity loan, which I never knew he borrowed money on only that it was approved. Now divorce judge ordered me to get his name off and pay the loan off. This has to be done in 200 days. If I can't get his name off has to be paid in full.
9 ANSWERS
Steven D. Dunnings
Talk to the loan holder.
Answered on Apr 11th, 2013 at 2:25 PM
Cohabitation Agreements Attorney serving Cincinnati, OH
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Cathy R. Cook, Attorney at Law
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You would have to refinance the loan into just your name.
Answered on Dec 05th, 2012 at 9:05 PM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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The divorce allocates assets and debts between the parties but cannot change the rights of creditors. Generally, paying off the note or finding another lender to replace the current lender are the only means of removing liability for one of the parties.
Answered on Dec 04th, 2012 at 2:48 AM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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You need to refinance to get his name off or sell the house.
Answered on Dec 04th, 2012 at 2:46 AM
I assume that you were awarded the home. You will need to apply for a loan modification into your name only.
Answered on Dec 04th, 2012 at 2:46 AM
Dennis P. Mikko
While your Judgment of Divorce may require you to remove your ex-husband's name from the home equity loan, there is no requirement on the lender that they comply. Iin fact, in most cases, the lender will not voluntarily release a party from the loan even if there is a divorce. One place to start though is by talking to the lender and seeing what, if anything, they will do. If they will not release your ex-husband, you may be forced to re-finance and pay off the current home equity loan.
Answered on Dec 04th, 2012 at 2:45 AM
Civil Attorney serving Spokane, WA
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Glenn E. Tanner, Attorney at Law
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You have to refinance and cover the loan.
Answered on Dec 03rd, 2012 at 2:29 PM
Generally a lender will not remove a borrowers name from the note unless you refinance. Check with the lender for options.
Answered on Dec 03rd, 2012 at 2:07 PM
If you cannot pay off the loan w/i 200 days, you will have to refinance the loan, in your name only (or you & someone other than ex-husband) in order to satisfy the terms of the judgment.
Answered on Dec 03rd, 2012 at 1:48 PM