Legal Question in Credit and Debt Law in New Jersey

transferring lien to another party

Last year 2005 I was able to obtain a large equity line of credit solely in my name with a major bank through a broker against the house where I live with my domestic partner I put deposits and money to the house purchase 2003 but my name is not on the title. when I got the equity loan we opened a joint checking account we don't share the same last name . he then made several large counter withdrawals with out my knowledge paid off his debts and invested in a business all to his benefit. He has been paying the interest only every month . I want to assign this loan to him solely and get my name off of it I don't want this huge thing hanging over me if some thing happens to him and he stops paying on this or he defaults He agreed to do this How can make this legal and binding?


Asked on 9/18/06, 2:39 pm

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: transferring lien to another party

Has anyone else yet told you that you have made several serious mistakes? yes, you have and now you have a real risk of losing a good deal of money. I am sorry to hear this, it happens fairly often. You love (loved?) and trust (trusted?) him. Too much.

You need a lawyer. You need to figure out what you possibly can do, and then from those options figure out what you want to do. this will take some smart lawyering, and some understanding of where you and he are in your relationship.

Are there any kids involved at all? Are there any joint bank accounts, auto or auto loan?

If you would like, give me a call; I am in northern New Jersey. I will be happy to discuss this with you; the telephone consultation will be free.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Read more
Answered on 9/18/06, 3:35 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New Jersey