What is the name of your state (only U.S. law)? IL
My wife and I had a trial for our divorce. Our house was ordered to be sold. It's on the market but it has been on the market for a long time so I don't expect it to be sold soon since it's 1 mil +. In the meantime, I need cash to pay off my lawyer. I was thinking of getting a HELOC to do that. My name is on the mortgage and the title. She is paying the mortgage as she has occupancy of the house, which is what the judgment says. There is nothing in the judgment which says I can't take out a loan on the house. Can I do this? What kinds of issues should I be thinking about? What if we short-sell? Thanks for your help. She took out a HELOC during the divorce without my knowledge and it wasn't held against her so I'm guessing this won't be held against me post-judge.
My wife and I had a trial for our divorce. Our house was ordered to be sold. It's on the market but it has been on the market for a long time so I don't expect it to be sold soon since it's 1 mil +. In the meantime, I need cash to pay off my lawyer. I was thinking of getting a HELOC to do that. My name is on the mortgage and the title. She is paying the mortgage as she has occupancy of the house, which is what the judgment says. There is nothing in the judgment which says I can't take out a loan on the house. Can I do this? What kinds of issues should I be thinking about? What if we short-sell? Thanks for your help. She took out a HELOC during the divorce without my knowledge and it wasn't held against her so I'm guessing this won't be held against me post-judge.