CO OWNER - EQUITY LOAN

douellette90 · Joined: 04 Aug 2009 Posts: 1 1.74 Dollars($)

I am the owner of record, along with my ex husband of our home. Ex husband will not refinance home, or take out an equity loan. I need to take a debt consolidation loan and the interest rate is 14.9%. I can't pay that much interest, and I don't feel I should have to. Equity in marital home is approx. 302k, I want to borrow against MY half of equity. IS IT POSSIBLE TO TAKE MY EQUITY OUT? I live in Massachusetts, I don't know if that matters. P.S. This is like a hardship loan, in that I have two kids in college, and I recently lost my job, but was lucky enough to get another one, but unfortunately it is paying only half of what I made. I am working two jobs and still can't make ends meet, so I am not taking a luxury loan, this is survival.

smithsussane · Posted: Tue Aug 04, 2009 8:23 pm Post subject:

Hi douellette!

Welcome to forums!

You won't be able to take a loan on your portion of the equity in the property. If you want to take a home equity loan, then the lender would take into consideration the whole of the equity that you've on the property. I think you should negotiate with your ex-husband and convince him for the loan.

Feel free to ask if you've further queries.

Sussane

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.49 Dollars($)

One more option could be go for child support as it will atleast give some support to the household.I am still not aware about the purpose of loan..why you are looking for the loan?? whether to repay the mortgage dues or something else.?

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