Legal Question in Real Estate Law in New York
Letter of Indemnification & a Home Equity Line of Credit
If I and my ex are on a Home Equity Line of credit and he gives me a Letter of Indemnification saying I am not responsible for the Home Equity payments and I sign over the deed of the house to him, am I legally responsible to the bank for the HELOC if he defaults in any way?
Asked on 12/05/07, 7:22 pm
1 Answer from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Letter of Indemnification & a Home Equity Line of Credit
Yes...as long as tour are on the note, you are on the hook. An indemnification means only that you can go after him if he does not pay...but if he does not pay them, why will he pay you?
Good Luck
RRG
Answered on 12/05/07, 7:31 pm
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