Would I be entitled to the equity on the home of my former wife?
Full Question:
I married a women who already had her own home. We divorced after about 4 years. About a year later we started dating again and it became my primary resident, again. I co- signed on a home equity loan on the property. Now we are no longer together and I'm trying to move on, however she will not refinance to remove my name from the loan. Am I entitled to any of the equity? I do not know if I'm on the deed or not since we were not married at the time of the loan.
05/13/2007 |
Category: Divorce ยป Property Set... |
State: Florida |
#4586
Answer:
If you are not on the deed, you are only a co-signor on the loan. This means you are obligated on the loan if she does not pay but the home is up as security for the loan so if the loan is not paid, the bank will foreclose. It could be difficult to remove your name from the loan but you could contact the bank and ask under what circumstances you could be removed. You could also ask for a copy of all notices since your credit could be affected if she does not make the payments timely. Not a whole lot of options here.
