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Home >> Lending >> Home Equity
Still owe on a home I don't own
My husband owned his home when we got together and had the first mortgage in his name only. In October 2007, we got a HELOC (my name was not on home, deed, etc), and I was a co-applicant and signed the HELOC paperwork, and we were married.
In 5/2007 we divorced; he got the house and all debt associated with it. In June 2007, he died. Shortly thereafter, the first mortgage went through foreclosure. I have since been paying on the HELOC to keep my credit up. I have now received a letter from the lender saying that the full amount of the HELOC is due 10/24/2009. The home was foreclosed, the home is not and never has been in my name. I cannot re-finance. I do not own a home now. I rent. What do I do?
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 Assuming that the HELOC was taken out in 2006 or earlier, it looks like the foreclosure left the HELOC unsecured, and that your ex-husband's estate didn't have any assets to pay it off. That leaves you on the hook for the balance of the HELOC. You really need to talk to an attorney, who may be able to help you sort out your limited options.
Published on BankingQuestions.com 8/25/09
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