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Equity Credit Line and Quit Claim Deed

Las Vegas, NV |

My husband is the sole owner of a vacation home in Las Vegas. He inherited the house when the co-owner died. He alone has an equity credit loan on the house with no first mortgage. If he quit claims the house to me, does that make me responsible for the loan during or after his lifetime ? The reasons for quitclaiming the house to me have to do with a previous co-owners wife who and nothing to do with the loan. Whole another story. But I am just wondering...have to plan financially.

Attorney Answers 3


The equity line is attached to the house; nothing he can do can remove it.

While quitclaiming to you wouldn't put you on the hook, you would still lose it for non-payment if you didn't make the payments (similarly, if there were missing payments, you could cure in a chapter 13).

Also, if there is a "due on sale" clause, transferring it could trigger the *entire* loan being immediately due.

You should have a lawyer review the paperwork before doing anything.

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a HELOC can be a "first mortgage" - the term "first" simply refers to the priority of the lien.

If the home is deeded to you, you would not become responsible for the mortgage. BUT - the transfer of ownership to you almost certainly violates the mortgage and would allow the mortgage company to accelerate the loan to require immediate repayment in full. Further, although you are no personally liable for the loan, you could still lose the property in a foreclosure if the loan is not paid.

If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.

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No you are not legally on the loan but someone has to pay the loan or lender will foreclose.

The foregoing is for informational purposes only and may not be relied on as attorney-client advice.

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