Home equity loan

There is a home equity line on our home that is only in STBX’s name only. I have had that line frozen because I had to sign saying that they was getting the loan. House is in both names. If we sell house will the home equity loan amount come off the top OR off only STBX’s half?

If you sell the home the proceeds will be used to pay off the loans. In order to have the proceeds distributed in such a manner that the HELOC is paid from her share, you will have to have a Separation Agreement which spells out the terms of division.

Is HELOC considered mortgage or debt??

HELOC, or home equity line of credit, is considered debt in equitable distribution. A mortgage is also considered debt in equitable distribution.

Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.