Help! My x and I took out a equity loan and now we are not together?
Stacy? asked:
After 8 long years in this relationship it finally ended after so many infidelity problems, unfortunatly the loan still stands. I got it for him to help him with his buisness and to help the family because my credit score was slightly better than his.
After 8 long years in this relationship it finally ended after so many infidelity problems, unfortunatly the loan still stands. I got it for him to help him with his buisness and to help the family because my credit score was slightly better than his.
I moved a state away and have dealt with the worst custody battle ever the last year and with all the stuff I had to deal with I put this 100K loan on the backburner. Custody has been a priority all year. Now that most things have been resolved I have this loan that I don’t know what to do about. Its a revolving Suntrust equity loan and it was for 10 years and 2 years have passed since I had it done. I really want this taken care of it erks me so bad to see 150K in cars in his driveway and several buisnesses and commercial property and the house itself is in his name and I walked away with nothing but a loan in my name.
Please help
Commercial Loans to 65% of Value
Commercial Loans to 65% of Value
no.
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You will have to pay in order to keep your high standing. Make sure you have a lawyer to guild you in the right direction.
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Your lender won’t care that you are no longer in a relationship with your co-borrower. You are legally obligated to repay the loan. However, if the loan goes into default, the bank will first seek to satisfy itself from the equity in the property before coming after you.
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You’ve got to convince your ex to refi that loan in order to get you off. Problem is, if you guys are upside down, it will be impossible. Hopefully he will be a man and just pay the loan. If that’s the case, he will actually benefit your credit score.