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    Silverman Gambi's Avatar
    Silverman Gambi Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 14, 2009, 09:21 AM
    Home equity loan
    Hi
    If any one can answered my doubt! I got Equity loan against my wife’s house. The home is in her name and the first Tennessee bank said since her income is low they offered to include my name in that house documents and let me have the Home equity loan of 40,000. She put a down payment of 1, 000, 00 dollars when she bought it. Now she is in trouble and paying the mortgage is an issue!! Please tell me what if she give-up the house? Is the equity loan going to affect me? Or the bank going to ask me the money?
    Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    May 14, 2009, 09:51 AM

    If you are signed as a borrower, then the bank will pursue you for payment. I am very surprised the bank would give a home equity loan to someone who is not an owner of the home.
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