Question : What does my girlfriend need to do to change a home equity loan?
My girlfriends ex-husband tricked her into signing a revolving line of credit for the house they owned together when they were married. He also has her listed on the property deed as well as the deed of trust for the revolving line of credit. She recently signed paperwork to get her name removed from the property deed. What forms does she need to file in order to have her name removed from the home equity revolving line of credit?
- asked by safdman
All Answers:
Answer #1
It has to be refinanced for her to e taken off.Usually the divorce decree would have some mentionto this. IF he is late on the payments her creditwill be damaged, there is nothing she can do unlesthey refinance the loan.
- answered by nick k
Answer #2
The mortgage obligations and responsible partyshould have been spelled out in the divorcesettlement agreement. If the husband is REQUIREDto remove the wife, then the judge would havegiven a specific time period to get this done(usually) If the home was to be sold and equitysplit, then she has to wait until that happens. The lender will not just remove a borrower, theywill need to refinance the loan in his nameonly.Good Luck
- answered by valstpatrick
Answer #3
loan has to get payed off or a new loan needs tobe taken out. what do divorce papers say ? sheneeds to speak to her own attorney. she shouldnot continue to be on a loan that she is notresponsible for as it can impact her and yourpossible future if you end up a couple. sheneeds to have the court amend the divorce papersto instsruct him to refinance the loan . gettingof the deed of trust is easier than getting off ofa equity loan. they will want to keep her name onthe loan in case he does not pay they will be ableto collect from her. she really needs legaladvice. good luck.
- answered by Mildred S
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