Legal Question in Family Law in Illinois
an agreement during the marriage signed by both spouses regarding a heloc taken out against the marital residence says that husband will be the sole borrower on the loan and will be solely responsible for paying off the debt incurred under its terms. Both husband and wife signed the agreement and the heloc loan
simultaneously. However, the heloc loan was signed with both spouses as co-borrowers. Does the fact that both spouses signed as co borrowers on the heloc invalidate the agreement that was entered into between the spouses or is it still valid?
Asked on 1/13/13, 6:29 am
1 Answer from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
No - the bank may have required both sign the heloc, bu the parties between themselves can can to who, is responsible to repay that loan
Answered on 1/13/13, 9:35 am
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