Selling the House and Equity Loans

iVillage Member
Registered: 08-21-2006
Selling the House and Equity Loans
2
Sat, 08-26-2006 - 10:13am
I'm so confused and I need help fast!! I definitely can not be with my husband any longer. The problem is, we've only had this house for 2 years and we just recently refinanced and took out an equity loan to pay off our bills (mostly mine). The house, by the way is a 2family.
Basically, he's saying I'm stuck with him because we'll never sell the house for what we owe!
This can't be true!! Please someone tell me what happens in this situation?? By the way, we live in MA.
iVillage Member
Registered: 07-08-2004
Sat, 08-26-2006 - 10:46am

Sure, it is always possible to leave, but it may mean a very significant financial hit for you. I'm assuming if you took out a home equity loan, that plus the mortgage doesn't equal more than the house is worth...does it?


The best thing you can do for yourself is talk to an attorney. If I believed everything my ex said during our divorce, I'd be living in a cardboard box by the side of the road, paying back tens of thousands in debt! Don't panic until you get some legal advice. That would be your best first step.


iVillage Member
Registered: 08-26-2006
Sat, 08-26-2006 - 9:11pm
Don't list to your ex. Talk to your attorney. The debt is both of your's as would be any profits you might receive from your house. Get out as quick as you can. I did and he paid me half the equity. Yeah he stayed, but now he gets to mow the 3 acres I took care of along with the pool and the up-keep. Now the house is so run down they denied his latest attempt to up his line of credit. They'll be kicking him to the curb while I'm sitting pretty in my downsized condo. Good luck!