Am I legally responsible for a house my husband is building?
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Am I legally responsible for a house my husband is building?
Husband was approved for a Ioan and
proceeded to move forward with building a
home with out my approval. Loan is in his
name only.
Asked on August 14, 2017 under Family Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You are not personally liablel for the loan if you are not a signatory or party to the loan. Of course, that does not mean it will not impact you:
1) Any income he uses to pay the loan is income he's not saving for or spending on the family;
2) If he defaults on the loan, the lender can go after his share of any family, marital, or joint assets--e.g. his share of money in a joint bank account, his ownership interest in any other real estate the two of you jointly own, etc.
3) If you apply for credit for any large purchases, lenders will tend to look at your spouse's credit too, which will be encumbered by this loan. Therefore your joint credit is impacted.
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