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re: HELOC Question
Posted on 2/22/17 at 7:53 am to foshizzle
Posted on 2/22/17 at 7:53 am to foshizzle
It's in Texas and there are a lot of those answers that I didn't get when we were talking about it.
Person 1 has the right to live there but my buddy is worried that he's going to owe money or have the interest that was passed on taken in some manner as Person 1 has already been involved in some questionable issues with the whole situation.
I told him to go talk to an attorney in Texas who specializes in these types of issues, but I still thought it was an interesting scenario.
Person 1 has the right to live there but my buddy is worried that he's going to owe money or have the interest that was passed on taken in some manner as Person 1 has already been involved in some questionable issues with the whole situation.
I told him to go talk to an attorney in Texas who specializes in these types of issues, but I still thought it was an interesting scenario.
1
Posted on 2/22/17 at 12:02 pm to TigerGrad2011
A HELOC is using the homes equity as collateral, so I'd assume only the owner of the home could take out a HELOC. I'm pretty sure additionally that everyone that owns the home is a co-signer on the debt. Therefore, if the couple was married then the heirs would only receive 1/2 the net worth of the house minus the HELOC. If they were single and the guy owned the home outright outside of marriage, then I would assume he also assume 100% of the HELOC.
I don't think anyone else can have a HELOC in their name without being on the deed of the house. I'm not a lawyer, but I have done some HELOC loans.
I don't think anyone else can have a HELOC in their name without being on the deed of the house. I'm not a lawyer, but I have done some HELOC loans.
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