Legal Question in Real Estate Law in Texas
My husband and I are separated in Texas. He lives in our paid for home and has been approved for a home equity loan (100K) to pay back taxes....I am being required to sign a form???as I am on the deed....What would this form be and will my interest in the property remain the same....What would happen if he defaults....Am I responsible for the debt???
1 Answer from Attorneys
I would need to see the form. Without seeing it, I can only speculate. My suspicion is that you both own the house free and clear. If he wants to get a loan against it, he would need your permission, or he would need to buy your share of the home from you. In most cases, a spouse (even separated) would be required by the bank to be responsible for the loan. There are a number of different scenarios on how this could play out; some are favorable to you, some are not. If you're not represented by a lawyer in this transaction, plan on getting the short end of the stick.