Legal Question in Credit and Debt Law in Pennsylvania

spousal debt responsibility

We are considering refinancing our home in an attempt to pay off and clear my spouse's credit debt and history. Since my good credit rating will allow us to get a better refinancing rate, it was recommended that we borrow in my name only. If my spouse's name is on the home's existing deed, is he equally responsible for the debt on this refinancing promissary note? The value of the home is appraised at approx $400,00 and the loan being considered is approx $160,000. Your advice is greatly appreciated!


Asked on 11/09/06, 1:48 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: spousal debt responsibility

In order to get the loan, the house must be tranfered into your name alone. You husband is not responsible for the loan. After the loan is made you can tranferreal estate back to both of you. However, he is not personally resposbile for the loan but it must be paid to live in the property. Suggest you consult with legal counsel

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Answered on 11/09/06, 2:02 pm


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