Portland, OR asked in Divorce and Real Estate Law for Oregon

Q: How can I have my name removed from a home equity line of credit loan?

In the divorce, I was awarded the house and my ex was required to pay off the home equity line of credit. I want to take his name off the house and take my name off the loan so I can refinance.

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1 Lawyer Answer
Vincent J. Bernabei
Vincent J. Bernabei
Answered
  • Beaverton, OR
  • Licensed in Oregon

A: If the General Judgment of Dissolution of Marriage includes the legal description of the home and awards the home to you, then you are the legal owner of the home. Ordinarily, your judgment should also require your former spouse to sign a deed conveying his interest in the property to you. If the judgment requires your former spouse to pay off the line of credit, he should do so before or at the time you refinance; otherwise, you will have to pay off the line of credit when you refinance. If the line of credit is not paid and canceled, your judgment should provide that he cannot make any additional charges on it. Payment of the line of credit is not enough; you have to make sure the line of credit is canceled once it is paid in full. This can be done when you refinance the mortgage. Since you signed for the line of credit, the bank is unlikely to release you from responsibility for that debt unless the debt is paid in full.

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