Legal Question in Real Estate Law in Nevada

I own a house with a partner. When we bought the house, I immediately took out a home equity line of credit with US Bank. They gave me the line of credit WITHOUT me having to notify my partner. My partner is living in the house and I elsewhere. Since this line of credit was taken out, I have now become disabled and can no longer pay the line of credit (2nd mortgage). We are NOT upside down as our mortgage AND line of credit is still below by $75,000 it's current value. Since the line of credit is in my name ONLY, what happens if I quit paying as I can't afford it anymore? Please advise. Sincerely,

Diane


Asked on 11/22/10, 10:29 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

They will eventually foreclose on the house. Maybe your partner can pay it all or refinance it. Otherwise, the house will be lost. If you have any further questions, you can email me at [email protected]

Read more
Answered on 11/29/10, 6:45 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Nevada