My husband’s home equity loan on our co-owned home.
A few months before marriage, my soon to be ex husband and I bought a house. We bought it in cash pretty 50-50. The house was a little bit of a fixer upper, but we still had some money left over to fix the home. My husband does not have the best spending habits and that money ended up not being used for the house. He was considering taking out a home equity line of credit to which I said I did not want any part of the loan. He said he needed my signature because I was a co-owner of the House and we met with who I’m assuming it was a loan officer and he was approved for $110,000 on the home equity loan, which was not the full amount we paid on the house . flash forward a few years we are getting it a divorce. My name is not on this loan, but it is now my understanding that because I’m a co-owner of this house the house is collateral or I’m a cosigner. I’m I’m not entirely sure. I’ve never taken out a loan. My lawyer sent me documents and my husband is asking that when the house is sold, his loan is paid off first before we split the remainder of the money now I have not seen what this loan has been spent on so I said, could you provide the receipts to ensure that I am my half of my investment that’s being dipped into is going towards the home to which I’ve learned my husband husband been living off of that loan of course since my name is not on the loan and I didn’t want the loan in the first place I’m having a hard time seeing that I should be paying half of his living expensive and God knows what else is there anyway that I can contest this or not be obligated to pay for this loan again my name is not on it most of my money in savings and what not I have wrapped up into that home. He was our only source of income while I was finishing school, so I have not yet started my actual job and I have been living off of savings for my waitressing job. Given that he had a good paying job and has recently started the police Academy. I’m not sure why he would’ve needed to use that loan to live off of. I’m just trying to explore my options here and see if there is a way that I can get money back from my investment, which was the house without being responsible for the debt that he’s accumulated.
Sorry for any typos I’m using Siri and I’m so drained I don’t want to proofread.