Georgia | Banking Law
10/13/09, 5:16 pm
Legal Question
I co-signed on a Home Equity Line of Credit with my then wife. We have since divorced. In the divorce Proclamation she accepted full responsibility of the Mortgage of the home (that was fully in her name) as well as the HELOC (co-signed). I also signed a Quitclaim Deed on the property giving it to her. She has informed me that she is now going into forclosure on the house. It was my understanding that I would be able to transfer the HELOC into her name and take myself off of it because of the arrangement of our divorce. Is this true? Am I still fully responsible for this debt and will my credit be affected if i am unable to be released from it at the time of forclosure?
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Read More Answered By: Scott Riddle |
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