Just got a divorce and judge ordered for me the pay Home Equity loan, how do I get husband’s name off first? 14 Answers as of April 11, 2013Husband 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.
Dennis P. Mikko Attorney at Law | 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.
Answer Applies to: Michigan
Woods, May & Matlock, PC | Robert J. Matlock
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.
Answer Applies to: Texas