Application for HELOC after judgment

[Bali Hai]

He wouldn't even need the judge to agree if the other party agrees. However, what other party would agree to such a thing?

I'm thinking someone reasonable would agree. OP clearly knows that the loan needs to be repaid by him and would offset his equity distribution when the property sells. I'm also aware that others would trample his efforts. If done prudently I'm at a loss as to how this encumbers the other party, unless the other party is either spiteful or has a card up their sleeve to be played at a later date.

 

[LdiJ]

I'm thinking someone reasonable would agree. OP clearly knows that the loan needs to be repaid by him and would offset his equity distribution when the property sells. I'm also aware that others would trample his efforts. If done prudently I'm at a loss as to how this encumbers the other party, unless the other party is either spiteful or has a card up their sleeve to be played at a later date.

Bali, the house has been on the market for a long time without selling (per the OP). Who is to say that the price won't have to come down in order for it to sell? One of the main reasons why something like that is not appropriate is because the future is always uncertain. Now, maybe if there is so much equity in the house that there is virtually no chance of any future problems, then maybe someone might agree. However, I doubt that someone's attorney would advise them to do so. The risks are simply too great.

 

[Bali Hai]

Bali, the house has been on the market for a long time without selling (per the OP). Who is to say that the price won't have to come down in order for it to sell? One of the main reasons why something like that is not appropriate is because the future is always uncertain. Now, maybe if there is so much equity in the house that there is virtually no chance of any future problems, then maybe someone might agree. However, I doubt that someone's attorney would advise them to do so. The risks are simply too great.

I'm aware that in this culture women want guarantees and men are to assume all the risks. That's how the family laws came to be.

 

[LdiJ]

I'm aware that in this culture women want guarantees and men are to assume all the risks. That's how the family laws came to be.

Once again Bali, this has nothing to do with gender. It doesn't matter WHO wants to encumber the asset.

 

[mr. spock]

He wouldn't even need the judge to agree if the other party agrees. However, what other party would agree to such a thing?

OP, here. So I would need to get her to sign off on a HELOC? I guess I thought I wouldn't have to since she was able to get one without my signing off. I'm not pointing fingers here, just want to know if it's something I can do to pay off my lawyer debt. I have no problem accepting this as a debt I would have to pay back out of my portion of the proceeds of the house sale. One of the issues is that I didn't get any cash in the judgment, just retirement assets and half of the home sale.
BTW, the judge didn't seem to care at all that she took the HELOC out during the trial without my knowledge and didn't require her to show proof of what she spent the money on and took her word that it was for various bills.

 

[stealth2]

OP, here. So I would need to get her to sign off on a HELOC? I guess I thought I wouldn't have to since she was able to get one without my signing off. I'm not pointing fingers here, just want to know if it's something I can do to pay off my lawyer debt. I have no problem accepting this as a debt I would have to pay back out of my portion of the proceeds of the house sale. One of the issues is that I didn't get any cash in the judgment, just retirement assets and half of the home sale.
BTW, the judge didn't seem to care at all that she took the HELOC out during the trial without my knowledge and didn't require her to show proof of what she spent the money on and took her word that it was for various bills.

Honestly, the best person to ask would be your lawyer.

 

[Bali Hai]

OP, here. So I would need to get her to sign off on a HELOC? I guess I thought I wouldn't have to since she was able to get one without my signing off. I'm not pointing fingers here, just want to know if it's something I can do to pay off my lawyer debt. I have no problem accepting this as a debt I would have to pay back out of my portion of the proceeds of the house sale. One of the issues is that I didn't get any cash in the judgment, just retirement assets and half of the home sale.
BTW, the judge didn't seem to care at all that she took the HELOC out during the trial without my knowledge and didn't require her to show proof of what she spent the money on and took her word that it was for various bills.

Sounds like the judge trampled you.

 

[tuffbrk]

You should really have investigated the HELOC she took out against the asset without your signature and knowledge when it occurred. Something is off with that scenario.

 

[mr. spock]

You should really have investigated the HELOC she took out against the asset without your signature and knowledge when it occurred. Something is off with that scenario.

Found about it DURING the trial. I should have been notified by the bank but I wasn't. I think she forged my signature. She was able to keep it from me. The judge really didn't care. Anyway, there's nothing I can do about it now. I will talk to my lawyer to get his advice. Thanks, everyone.

 

[Bali Hai]

Found about it DURING the trial. I should have been notified by the bank but I wasn't. I think she forged my signature. She was able to keep it from me. The judge really didn't care. Anyway, there's nothing I can do about it now. I will talk to my lawyer to get his advice. Thanks, everyone.

Your situation is not unique, but still fascinating. Good luck mr. spock.

 

[mr. spock]

Update: I looked up the paperwork for the HELOC loan she took out during the marriage. My signature is on the loan, but when I went in to the bank to ask them why I have no access to the loan statements, they tell me that I am not the borrower, she is. However, my name is on the first mortgage and the deed to the house, so I think that I should at least know about the other liens on it. Anyone ever heard of this?

 

[justalayman]

Update: I looked up the paperwork for the HELOC loan she took out during the marriage. My signature is on the loan, but when I went in to the bank to ask them why I have no access to the loan statements, they tell me that I am not the borrower, she is. However, my name is on the first mortgage and the deed to the house, so I think that I should at least know about the other liens on it. Anyone ever heard of this?

so after all of that, you did sign something regarding the loan


so, are you a borrower? If not, then what is incorrect about their denial?

If you are a borrower, did you remind that of them?

 

[mr. spock]

so after all of that, you did sign something regarding the loan


so, are you a borrower? If not, then what is incorrect about their denial?

If you are a borrower, did you remind that of them?

Yes, I brought in the loan document with my signature on it, but they claim that I am NOT the borrower, only the mortgager, and since we are divorced, I don't have a right to see what the balance on the loan is. I was a little surprised they made that distinction.

 

[Zigner]

Yes, I brought in the loan document with my signature on it, but they claim that I am NOT the borrower, only the mortgager, and since we are divorced, I don't have a right to see what the balance on the loan is. I was a little surprised they made that distinction.

Does the loan document say you are the borrower?

(Zigner, DDS)

 

[justalayman]

you are either listed as a borrower which would allow you access to information regarding the loan or you are not a borrower and you would not have any rights to the specifics of the loan.



a mortgage is used by many people to mean many things. In it's strictest sense it refers to a lien on a property due to a loan. If that is the use of the term in your situation, it means you signed a mortgage allowing for the lender to register their security interest in the property based on the underlying loan.



many people refer to a mortgage as the loan itself. While that is accepted in some circles, I don't think that is how the lender is using the term.