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My wife and I are in the process of a divorce and she wants

Customer Question
to keep the house &...
My wife and I are in the process of a divorce and she wants to keep the house & re-fi the 1st trust on her own but needs our 2nd trust (home equity line of credit) off as collateral on the house and wants me to take over the 2nd trust by paying it off or refinancing it in my name only. Now since the 2nd trust is a subordinate of the 1st trust, the only way I know of to make this work is for me to get a personal loan to payoff the 2nd but won't be able to get a 4% interest rate on a personal loan. Is this the only way or is there another possible resolution where the bank would be willing to remove my wife's name & the collateral?
Submitted: 7 years ago.Category: Real Estate Law
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4/20/2010
Real Estate Lawyer: JD, Lawyer replied 7 years ago
JD
JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,335
Experience: Over 11 years litigation experience including eminent domain and real estate disputes
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The only options are to obtain a new loan, negotiate a release of the security and co-borrower, or pay the loan off. I doubt the bank will willing release your wife and the collateral while keeping the interest rate the same. Honestly... what do they have to gain?

 

Please reply if I can help further.

 

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JD
JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,335
Experience: Over 11 years litigation experience including eminent domain and real estate disputes
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