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If I take out a home equity line of credit loan to help my…

Customer Question
If I take out...

If I take out a home equity line of credit loan to help my child pay for a home & he does not pay the payments, what recourse do I have?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Iowa is where the loan is but, the property is in Missouri. Also, he will be getting married in a month and that is what concerns me because Missouri is a community property state. I don't feel as though I should be making the payments for his soon to be spouse to inherit the property. This loan is attached to my home in Iowa not, the additional home in Missouri.

Lawyer's Assistant: Has any paperwork been filed?

No, this has all been a family deal.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The Missouri property has been used as the down payment for his home in Iowa also. This was not a problem until my husband passed away and I am being forced to live on just one income. I can most likely make the payments for him but, I don't really want his spouse to be able to get ownership of the Missouri property if I'm paying for it!

Submitted: 10 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/24/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 10 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 14,152
Experience: Licensed to practice before state and federal court
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Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 10 months ago

Thank you very much for your patience. If you take out a home equity line of credit and give the money to your son, and if he does not pay, then your son will not be liable for anything. The only time that your son would be liable for any missed payments is if you have him specifically agree to reimburse you for payments made on the HELOC. if he does not, then you could sue for breach of contract. A breach of contract just simply means that one party was obligated to perform and they have either have not performed or have said that they will not perform. Typically, the aggrieved party is entitled to be returned to the same position they were in before the breach. There’s a site that I’ve used in the past where you can find a good template for advising of a breach of contract (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If this doesn’t work, sadly, the only other option is to either go through an informal mediation or file a lawsuit in your local court.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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