safdman asked:
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?
ANDRE
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?
ANDRE
ARMANDO
It has to be refinanced for her to e taken off. Usually the divorce decree would have some mention to this. IF he is late on the payments her credit will be damaged, there is nothing she can do unles they refinance the loan.
MYLES
The mortgage obligations and responsible party should have been spelled out in the divorce settlement agreement. If the husband is REQUIRED to remove the wife, then the judge would have given a specific time period to get this done (usually)
If the home was to be sold and equity split, then she has to wait until that happens. The lender will not just remove a borrower, they will need to refinance the loan in his name only.
Good Luck
PETER
loan has to get payed off or a new loan needs to be taken out. what do divorce papers say ? she needs to speak to her own attorney.
she should not continue to be on a loan that she is not responsible for as it can impact her and your possible future if you end up a couple.
she needs to have the court amend the divorce papers to instsruct him to refinance the loan . getting of the deed of trust is easier than getting off of a equity loan. they will want to keep her name on the loan in case he does not pay they will be able to collect from her. she really needs legal advice.
good luck.