lovenlight08 asked:


I am getting divorced and my name is not on the title to the house it is only on the mortgage loan and home equity loan, does this mean I am not entitled to anything from the house when we divorce, I am at my wits end now I thought my name was on the title to the house , I was just informed it is not on title only on loans
am I still entitled to anything now or not? he purchased the house in 1998 we got married in 2001
he has supported me since 1998 due to me not working due to health issues
just to add to this for some , I have contributed to the house during the past
11 years. and I am not looking to live in the house, I am not looking to keep the house either
there was no pre nup signed either.

KYLE

WhoK asked:


We have 2 mortgages (1st & 2nd), my friend withdrew an other line of equity. What happens to the equity line loan if we sell this house short? Can we ask the bank to convert equity loan to personal loan and we continue to pay for it?
Sorry that I was not clear in the question. Basically, on this house, we have 3 loans: 1st mortgage with mortgage company A, 2nd mortgage with mortgage company B (we used 100% financing when bought this house), and the equity loan with a bank (3rd loan that my friend’ sister took out to do something else.)

Now we have problem with the first loan since it is ARM (we didn’t know when signing paper). The rate is reset, we start having problem to pay for it. We want to short sell the house, but not sure what to do with the 3rd loan: the equity loan. For the 1st / 2nd, we may have to pay the tax if the banks agree to let us short-sell the house and issue the 1099-C, but because the third loan (equity loan) is from another bank we are not sure if this bank agrees to release for us to sell the house or willing to renegotiate the loan for us to pay as personal loan.

ESTEBAN