Q: I'm legally separated, husband lives in jointly owned house w/equity loan that he made higher than value of house.
He did this without my knowlege while living together. Is there any possible way for me not to be responsible for this equity loan? We were married for 28 years; I have lived & supported myself for the last 9 years. I will divorce him, give him full title to the deed, anything so I am no longer financially being hurt by him. He is now broke.
A: If you did not sign the loan, you are not liable for it. Walk away from the house.
Barry E. Janay agrees with this answer
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A: Unless the house is refinanced, which given your statement does not seem possible you will still be liable for the mortgage. You need to retain the right type of attorney to handle this matter for you. You need to retain experienced mortgage foreclosure and matrimonial counsel. Only a mortgage foreclosure and matrimonial attorney has the expertise to prevent you from having more problems than you can possibly imagine. To properly answer your questions and address your concerns, the best way to handle this is with an in-person consultation with an experienced mortgage.
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A: The other attorney is correct, you are not liable on a loan if you did not sign the documents to establish it, which is unusual since a bank won't loan money on a home to just one of the joint owners. Fraud may have been involved and you should attempt to get copies of the loan application so that if necessary you can prove fraud. In order to make certain that you are not liable on anything you may need to file a lawsuit against your husband / soon to be ex-husband. The other lawyer was somewhat correct in that you should speak to a matrimonial attorney. I'm happy to assist further if you wish to reach out to me privately.
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