Should I get a HELOC prior to filing for a divorce?
3 attorney answers
I agree with Messrs. Brennan and Powe. Please hire a divorce lawyer to guide you through this entire matter.
I am licensed to practice law in Michigan and Virginia and regularly handle cases of this sort. My answering your question does not establish an attorney-client relationship. You should consult a lawyer so you can tell the lawyer the entire situation and get legal advice that is precisely tailored to your case.
I agree 100% with Mr. Brennan. Why would you want to be an "enabler" here? You need an advocate on YOUR side. I fear if hat HELOC goes through, he gets $270K cash and then thereafter ex-H files for chapter 7 bankruptcy. That means he is then uncollectible and thereafter the house is foreclosed to pay off the $270K debt!!!!!! What have you accomplished by joining in this charade? Why would you agree to enable that? I am sure there are many more facts to this situation and ONLY your retained legal counsel (a divorce lawyer) can answer this!!!! Act quickly.
I changed the subject to divorce and would advise you, and he, to seek divorce counsel on this and all other subjects.
There are all sorts of issues. If this occurs he will still be liable on the notes event though he signs over the title to you. You will be liable to pay both the First and Second Mortgage. Both notes will have "due on sale" which may make them immediately due when the interest in the house is transferred to you.
Seek counsel, and I hope you can have a civilized, reasonable and smart divorce. Agree, for the law is costly.
To the PROSPECTIVE client, please review my efforts to assist by quickly and frankly responding to your question with AVVO. Also, please realize this PRELIMINARY answer to your question(s) is for general purposes and based upon the information you have conveyed. As the response is based on very limited information it MUST NOT be relied upon as the basis for action or inaction. If you are seeking legal advice which you can and should rely upon you will have to engage an attorney, provide all of the facts in detail and answer their questions. My response does NOT establish an attorney-client relationship. That may only be established by mutual agreement, and the signing of a written retainer agreement, which will require payment for our services. Providing counsel and representation is what we do for a living and, just like you, we must get paid for our work.
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