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My fiancé wants to take an equity loan on his home that is…

My fiancé wants to...

My fiancé wants to take an equity loan on his home that is paid off, but they need me as a co-borrower. We are not legally married, how do I protect myself, in the event something should happen to him, he plans on leaving everything to his 4 children

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

New Jersey

Lawyer's Assistant: Has any paperwork been filed?

Not yet

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

Not that I can think of

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Answered in 1 minute by:
3/13/2018
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,227
Experience: 30 years of real estate practice experience.
Verified

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

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Are you on the title to the property? If not, why do you need to be the co-borrower?

Ask Your Own Real Estate Law Question
Customer reply replied 5 months ago
not listed on property He is on Social Security?

Thank you for the additional information. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get. I just ask that you not shoot the messenger.

If you are going to be listed as the co-borrower you will be personally liable for repayment. So, if you are not on title, you have all the liability and none of the control.

Therefore, I would not recommend that you take on the liability unless you are married and he adds you to the title as a joint tenant. Otherwise, let the children who are going to inherit the property sign on as co-borrowers.

I am sorry. I wish I could tell you otherwise, but I do not want you blindsided by liability, without any control over the collateral.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

There is no additional charge to you for rating me favorably.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,227
Experience: 30 years of real estate practice experience.
Verified
Loren and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 5 months ago
Thank YOU
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Loren
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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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