Legal Question in Wills and Trusts in New Mexico

Who is responsible for a home equity loan?

I'm getting married soon. My fiance has a substantial home equity loan. Neither the home equity loan or the house is in my name. The house will be left to my fiance's son in his will. If my husband dies before me, am I legally obligated for the home equity loan?


Asked on 3/12/09, 4:51 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: Who is responsible for a home equity loan?

Although NM is a community property state, assets and liabilities existing at the time of marriage are not assumed by the marrying spouse. They remain the individual property or responsibility of the spouse who acquired or incurred them. If you are not a signer of the loan, you have no liability to pay it.

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Answered on 3/12/09, 9:42 pm


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