Am I liable for a joint secured loan if my name is not on the mortgage?
Monday, February 22nd, 2010 at
11:54 am
My husband and I took out a secured loan for home improvements. We are now separating. Am I still liable part of the secured loan even though I am not name on the mortgage (it is in my husbands sole name)
Sell House Quick
Related articles:
- Can a mortgage be in one name and a secured second loan mortgage be in joint names? Mortgage with one company. In one name, only one name on the deed. Is the secured 2nd mortgage loan correct. This is in joint namesPassive Income ...
- secured loan? My husband and I have a morgage and secured loan and getting divorce, I have moved out of the property and renting now. The problem is I want to...
- Is going bankrupt the best option when I can’t pay my mortgage or secured loan? After separation from her husband my friend has got into financial difficulty with mortgage payment as well as the secured loan on the property. She currently has an IVA...
- if i get home loan secured in this taxable year, can i deduct interest payments made before loan secured? my parents helped my husband and i purchase a home this year. we have a loan agreement with them and have been making payments of principal and interest since...
- Should I borrow on my secured loan or mortgage? I want to borrow some to money to consolidate all my credit and thought the only way out is to put it on my mortgage. I am tied into...
Tagged with: Home Improvements • mortgage • secured loan • Sole
Filed under: secured loan
If the loan was in both names then yes you are liable.
Yes. You signed the agreement as a joint loan this is a completely seperate contract from his mortgage agreement.
Normally this agreement for the loan would have taken both of your income and outgoings as a couple so you are both liable to pay half.
Yes, you borrowed the money so you pay it or they will get a judgment, put a lien on the house and garnish your pay.
Its 50 50 As you lived together you are equally responsible. It dos not matter who singed it.
yes you are liable if you have jointly signed the papers while taking loan. As you say your name is not there then its your husband liability.
best way is to find out from the lender who is liable.
If your name is on the loan, then yes. But you may be able to get it legally cancelled by going to and getting their help.
if your name is on that agreement then yes your liable for half the loan. if your selling the property it will be taken back in full from the money from the sale of the house. i wasnt on the mortgage of our house but i signed on a secured loan and i was liable so i speak from experience.
and yes they took the whole loan amount from the sale of the house, plus interest and we ended up bankrupt:-(