Answers - Equity Loan

The question:
Bill asks:
“Hello. I have a first mortgage and two home equity lines of credit. I have never been late with a payment. The value of my house is worth far less than the amount I owe, and I would like to sell it because I’m now unemployed. Is it possible to convert one [...]

The short answer is “Yes”. If your home equity loan has your name on it…you are responsible.
The long answer is if your court approved separation agreement states one party is responsible, well then..they are.
However, don’t get confused. The court doesn’t dictate to the credit bureaus how to do their job. If the “responsible party” from [...]

Here’s the question,
“I got a letter in the mail from my home equity bank informing me they cancelled the the remaining balance on my line of credit. I had over $50,000 of available credit and now it’s gone! Can my HELOC bank cancel my home equity line of credit?”
My answer:
Yes…and they are doing [...]

Well if by “trouble” you mean a foreclosure soon to be filed against you…then “Yes” is the answer. How exactly did the property get “out of your name” without a sale? If an actual sale took place the HELOC would have been paid off by the sale…and you’d be off the hook.
If you just [...]