California  |  Real Estate Law

Legal Question

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

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.

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