Question for a girl friend who is going thru a divorce. They are trying to settle without getting attorneys involved.
Her husband willingly deeded their house into HER name only. There is a refinance loan against this house, the loan is in HIS name only. She never consented nor signed for the loan.
Will this loan have to be closed out with him releasing his name from the deed? Or can he continue to use the line of credit till the term of the loan is up; therefore increasing the debt on the collateral? If she ever decides to sell, will that loan have to be paid off (even though the loan is in HIS name)?
Please advise. Thank you!