Can Ex-boyfriend sue?

[J_E_S_S]

What is the name of your state (only U.S. law)? Pennsylvania

I left my boyfriend and I am not sure if he has any rights to sue me. I own my home, his name is not on the house and it is not his legal residence (he used a PO box). I bought the home from my mother for $1 and I agreed to pay her a certain amount of money within one year. My boyfriend and I got a home equity loan that is in HIS NAME ONLY and used it to pay my mother. Obviously, my house is the collateral. I did not have good credit at the time and could not even be on the loan because it made the interest rates go too high.

In the years that have passed I fixed my credit and now I want to get my own loan to pay off the balance on the original one that is in his name but he is refusing to accept the money because he said he is going to sue me instead. We have paid just over 30k of the loan and still have about 25k to go. He wants half of the money back (15k) plus enough to pay off the rest of the loan (25k). I have no problem taking over the rest of the loan but I just don't think I should have to pay him half of what we paid already since he lived in my house for almost 15 years. On top of that, this amount is more than the original loan (interest is a killer).

Just for clarification.... The home is in my name only and the loan is in his name only. Does he have any legal rights to my house or the equity in the house? Is there anything he can sue for because of this loan?

 

[sandyclaus]

I don't get it. How did your boyfriend end up getting a home equity loan against your house as collateral when the title was not even in his name?

 

[J_E_S_S]

I don't get it. How did your boyfriend end up getting a home equity loan against your house as collateral when the title was not even in his name?

I had to sign paperwork allowing him to use it as collateral but I am not a co-signer on the loan.

 

[Proserpina]

I had to sign paperwork allowing him to use it as collateral.

What exactly did you sign?

 

[sandyclaus]

What exactly did you sign?

EXACTLY. In order to use the house as collateral, the debtor would need to have SOME interest in the property. Otherwise, the issuer would have no legal recourse to claim the collateral in the event of a default.

These papers you signed... did they include a Quitclaim deed or something similar? Exactly what was signed that gave your B/F authorization to use property he didn't own as collateral for a loan that you weren't named on?

 

[J_E_S_S]

What exactly did you sign?

I dont remember what it is called, it just allowed him to use the home as collateral. Maybe I am just confused and I am a co-signer somehow, but the bank specifically stated that if my name was on the loan the interest would skyrocket.

 

[Proserpina]

I dont remember what it is called, it just allowed him to use the home as collateral. Maybe I am just confused and I am a co-signer somehow, but the bank specifically stated that if my name was on the loan the interest would skyrocket.

Without knowing what you signed, it's difficult to say.

You really need to look at what you signed.

 

[sandyclaus]

I dont remember what it is called, it just allowed him to use the home as collateral. Maybe I am just confused and I am a co-signer somehow, but the bank specifically stated that if my name was on the loan the interest would skyrocket.

Without knowing what you signed, it's difficult to say.

You really need to look at what you signed.

You SERIOUSLY need to take a look at the papers that you signed. (And NEVER NEVER EVER sign any documents before you read them over, or have an attorney review them with you to see exactly what you are agreeing to!)

There is no way we can say whether or not you could end up liable here unless we know EXACTLY how your B/F managed to get the bank to allow him to use your house as collateral for the home equity loan.

@proserpina: I call MUSHROOM.

 

[Proserpina]

You SERIOUSLY need to take a look at the papers that you signed. (And NEVER NEVER EVER sign any documents before you read them over, or have an attorney review them with you to see exactly what you are agreeing to!)

There is no way we can say whether or not you could end up liable here unless we know EXACTLY how your B/F managed to get the bank to allow him to use your house as collateral for the home equity loan.

@proserpina: I call MUSHROOM.

Yeap yeap yeap!

I don't want to speculate - but I have the feeling that OP might not be happy with what she learns once she finds that document....

 

[sandyclaus]

Yeap yeap yeap!

I don't want to speculate - but I have the feeling that OP might not be happy with what she learns once she finds that document....

Right-o. And her next post will probably be complaints of how unfair it all is that her B/F and the bank "tricked" her into signing over certain interest in her home in exchange for using it as collateral for the loan.

Oh, the perils of failing to read agreements before we sign them...

 

[nextwife]

I don't get it. How did your boyfriend end up getting a home equity loan against your house as collateral when the title was not even in his name?

ABSOLUTELY a nonowner can take on a debt on the house as long as the owner signs consenting to the collateral, which they own, being secured by it. I've seen it many times. Being on the mortgage/note obligation does NOT mean the party needed to be granted an ownership interest.

 

[HomeGuru]

I say the OP has no clue.

 

[LdiJ]

What is the name of your state (only U.S. law)? Pennsylvania

I left my boyfriend and I am not sure if he has any rights to sue me. I own my home, his name is not on the house and it is not his legal residence (he used a PO box). I bought the home from my mother for $1 and I agreed to pay her a certain amount of money within one year. My boyfriend and I got a home equity loan that is in HIS NAME ONLY and used it to pay my mother. Obviously, my house is the collateral. I did not have good credit at the time and could not even be on the loan because it made the interest rates go too high.

In the years that have passed I fixed my credit and now I want to get my own loan to pay off the balance on the original one that is in his name but he is refusing to accept the money because he said he is going to sue me instead. We have paid just over 30k of the loan and still have about 25k to go. He wants half of the money back (15k) plus enough to pay off the rest of the loan (25k). I have no problem taking over the rest of the loan but I just don't think I should have to pay him half of what we paid already since he lived in my house for almost 15 years. On top of that, this amount is more than the original loan (interest is a killer).

Just for clarification.... The home is in my name only and the loan is in his name only. Does he have any legal rights to my house or the equity in the house? Is there anything he can sue for because of this loan?

Based on what Nexie said, I am going to answer you that he CAN sue you, because anybody can sue for anything, but its quite iffy if he would get anything more than what you are willing to give him now, which is for you to refinance the loan to take him off of it. He had a place to live for 15 years, and that was his compensation for the payments he made towards the loan.

 

[nextwife]

Certainly I cannot see a suit prevailing that asks the Ex BF to be paid money that was a loan to a third party and not paid off by him. By rights, money that was a debt against the collateral is owed to the lienholder, not the borrower.

 

[J_E_S_S]

I looked at the papers and spoke with the bank. All I did was "Sign the mortgage" is what they said. I am not on the loan at all, I just gave the bank permission to take my house if the loan is not repaid. They could not go into my situation about whether I could be sued or not. My house was just used as collateral for the loan and my name never even appears on the loan documents. They said no interest has been transferred to the holder of the loan but the bank has all rights to seize my home if the loan is not repaid.