Before I was married to my now ex-husband, he purchased a mobile home by taking a loan out from a North Carolina credit union. We opened a joint savings account at the same credit union prior to getting married, but after he had taken out the loan. After he was incarcerated, I had car trouble and took out a loan of my own from the same credit union to cover car repair. This was roughly five years ago and I have since divorced him and no longer have contact with him. In checking my credit to consider a home purchase of my own, I found that the credit union has reported HIS loan on my credit report. They advise that since we had a joint savings account, I am now legally obligated to pay back his loan. I never signed for the loan on the mobile home (which is real property in NC) or the land it sits on. I was never added to the deed and I was never in charge of any of that property. Is it legal for them to hold me responsible just because he is in prison and we had a joint savings account at one time?
1 Answer from Attorneys
Unfortunately, probably yes. Credit unions employ a policy called cross collateralization. This is where they attach all loans that you have together, so if you default on one, you have defaulted on all of them. By having a joint account, you may have signed onto the mortgage account without knowing it.