Must X be notifed of bankruptcy filing

[DYLAN150]

Question: In my divorce the X got the house which is paid for expect the Home equity line of credit (Heloc) which I agreed to pay. If I file banruptcy must my X be notified of the bankructpy when in fact I am agreeing to confirm the Heloc? The bank removed her name from the Heloc. Thats right, she took the divorce decree to the bank and they refiled the loan under my name only because it was showing up on her credit report. I didn't think the bank would do that but they did. The stranger thing is that I can still take cash from this if I want to. (I wouldn't)

[stormy]

That's really odd on the HELOC; my X and I were both on ours and they (Wells Fargo) won't remove me. They told him he had to qualify and refinance it in his name only which he can't do because he doesn't have the income to do it by himself.

But on to your question; yes he was notified of my bankruptcy seeing as several accounts were held jointly including the 1st and 2nd mortgage. He still lives in the house; at least until the ARM mortgage readjusts then he's going to be forced out.

[ValleYum]

The bank removed her name from the Heloc. Thats right, she took the divorce decree to the bank and they refiled the loan under my name only because it was showing up on her credit report. I didn't think the bank would do that but they did.

Did you sign anything after you ex had your name removed? From the info above, this sounds almost fraudulent on the part of the bank.

Is your name still on the house? If not, what is the Heloc tied to as far as collateral?

That is just bizarre. Best of luck to you.

[DYLAN150]

Never signed anything. I also know that in the fine print in the Heloc loan paperwork, its say that the bank can call the loan due if the parties are not living in the home. Of course since the house is paid for and the bank can't lose on this deal, its a money maker for them.

[AngelinaCatHub]

Unless she is connected to you by credit to you, or has some other vested interest in your monetary position, I don't think it is required to tell her. It is Public record, but she is technically a stranger to you now. I would ask your lawyer not to put her on your paper work. As long as you are reaffirming the HELOC she has no business in your business. 'Hub

[yang0837]

When I filed for bankruptcy, the bank notified my ex-husband of it. We were both still on the loan because he had never bothered to re-finance it in his name. The bank required him to get a new loan because of my filing.

[helpmeout]

Never signed anything. I also know that in the fine print in the Heloc loan paperwork, its say that the bank can call the loan due if the parties are not living in the home. Of course since the house is paid for and the bank can't lose on this deal, its a money maker for them.

The house is not paid for until the HELOC is paid off. And if you don't pay it, the house will be foreclosed on. I think that you will have to notify your ex of what you are doing. I would also let your ex know that you are planning on reaffirming the debt. Which you may not have been able to discharge, anyway, depending on the wording of your divorce court order.