Legal Question in Real Estate Law in New Jersey

My husband and i are in the process of obtaining a divorce. We were both on a Home Equity Loan, he was signer and I was co-signer. The thing is he was discharged when he declared bankruptcy. I understand this makes me liable for payments but it was brought to my attention on how was he made the signer when the house was never under his name. The house was mine before marriage and the only name on the deed. I did sign the papers at the time as co-borrower


Asked on 10/25/12, 7:31 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

The probability was as your husband he had certain marital rights, presuming the house was the marital residence. This is why he was asked to sign the mortgage and note. His bankruptcy appears to have extinguished his responsibility under the mortgage. Not having seen the mortgage documents, it is traditional that both signers have what is called "joint and several" responsibility, which simply menas that the mortgage holder can go after either signer, and need not go after both or split the responsibility. Thus, you are responsible for the entire balance due. This is a response to an Internet question and the reply is based upon the facts presented. Different or missing facts could produce a different response. The reply is for information purposes only and is not intended to be legal advice or as creating an attorney-client relationship.

Read more
Answered on 10/25/12, 11:10 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey