Right of Spouse to Obtain Credit Individually

Question: My husband took a home equity line of credit in his name alone. Our house was used as security? Do I have any responsibility for the debt?

Answer: No. The federal Equal Credit Opportunity Act allows one spouse to contract for credit without the involvement of the other. If the property was used as security the debt may be enforced against it. If you are not on the property title, or if you are on title to the property and you signed the mortgage, the property clearly may be used to satisfy the debt. If you are on title and did not sign, (a) there is an issue as to what if any interest the lender acquired and (b) it is possible that you may have the right to rescind the transaction within 3 years for noncompliance with the Truth in Lending Act.