PRIME EQUITY LINE loan question....?
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i'm not a lawyer, but i'll do my best to speak from experience.
as far as it sounds the mortgage is in both your names, true?
so it would probably be suggested that you sell the house and split the profit from the sale. (or one of you buys the other out.)
as far as the equity note goes, IF it's in his name only, then it would be his loan. though it sounds like you're thinking of the note as "money" to be used - it's actually a debt! a lien on the house! so if your name is not on it - it means it is his debt.
if both your names are on it - you would share that debt - likely it would be deducted from the sale of the house. does that make sense?
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