Legal Question in Real Estate Law in California

Home Equity Loan

Husband is taking out the third home equity loan in 3 years. I am main signer he is co-signer.

I was not told about the first loan till day of signing. All money went to his personal accounts, business (his Corp and LLC). Loan papers listed my contact information as his business address, his cell and business phones. I never had any contact with loan agent. Second time I tried to make sure some money was used for personal credit card debts, home improvement, put back into my retirment fund, as well as his nearly bankrupt business and LLC. When bank issued checks they all listed my husband's personal account numbers none of mine.

Today I am refusing to sign third equity loan. I overheard husband say ''Don't let her have any money. She is going to ask for some'' Loan agent said ''Don't worry. I'll make sure all the equity money goes into your business''.

We have NO shared accounts, I have no bank accounts or credit cards. He used my retirement money, my money market, daughter's college fund, cancelled my health insurance and does not give me money for food. Corp and LLC are in his name only.

Is it legal for the loan agent to prevent main signer from decisions concerning use of funds? Loans total $800,000 in 3 years.

Asked on 10/29/06, 10:40 pm

3 Answers from Attorneys

Michael Olden Law Offices of Michael A. Olden
0 users found helpful
0 attorneys agreed

Re: Home Equity Loan

i have had client such as you. you must take immediate positive action for yours and if you have children's own good and welfare. get an attorney and listen to his/her advice and take it and follow it strictly. don't panic --- ai have practiced law in contra costa county for over 30 years and if you have a starong attorney on your side you will be way ahaead of the situation. don't do anythin youraself but get experty help

Read more
10/30/06, 12:22 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law
0 users found helpful
0 attorneys agreed

Re: Home Equity Loan

It's pretty obvious that you are being trampled financially by this man. My experience with similar situations has been that, no matter how obvious the financial chicanery, nor how likely she will prevail in court, women in such situations do not choose to extricate themselves. Would you be an exception? I don't know. Suffice it to say that there are Family Code violations all over your facts. Although I have close business ties to Walnut Creek, I suggest you find a sympathetic (probably female) local lawyer and have a personal interview about these matters. You might also consider counseling because I suspect you have a pattern of being far too submissive and you may continue this to your and your daughter's ruin.

Read more
10/30/06, 1:00 am
Robert F. Cohen Law Office of Robert F. Cohen
0 users found helpful
0 attorneys agreed

Re: Home Equity Loan

In addition to what Mr. Whipple suggests, I suggest you talk with a financial counselor so you can get your personal finances in order to protect you and your children financially.

Read more
10/30/06, 1:57 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in California

Looking for something else?

Get Free Legal Advice

88122 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now