Legal Question in Family Law in California
Married 18 yrs - signed 250,000 equity loan - Only in husbands name...
My husband & I have an opportunity to purchase an investment home, before it goes into foreclosure. We decided to take out a 250,000.00 equity loan on OUR home. Yesterday we both signed the papers at the bank. Then, realized that I only signed a form for the Title of our present home. At that point, I asked the banker/my husband to explain why my name wasn't on the loan. The Banker said we could redo this loan with my name after a credit check (fine with me). But we need the money by June 10th, & the bank would not be done with the new loan. She then stated that I do have 3 days to cancel, whatever it was that I signed on the Title. Then she said, ''It's better to not have your name on the loan, that way the bank will not come after you.'' Am I wrong, but won't they just take our house!
Purchased home 6/93
price: 120,000 (50,000 down)
Loan: 70,000 5.5%
Lender My uncle
Present Value; 380,000
Husband works (100,000 per yr)
Housewife- 3 children (side jobs)
Afterwards my husband was furious. He said I was a(#^!!@@) for thinking that my name should be on the equity. He said that I have never paid a housepmnt so I'm not entitled to it.
Should a nonworking wifes name be incl'd on an equity loan?
1 Answer from Attorneys
Re: Married 18 yrs - signed 250,000 equity loan - Only in husbands name...
Your ownership interest in the house is not necessarily dependent upon your name being on the deed or the loan papers. The more important factor is the source of the money used to purchase the property. In regard to making the payments on the house, that was made with his wages, by law one half of his wages are yours.
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