How is property acquired by one spouse in Oregon?

Also, property acquired by one spouse in Oregon is not the other spouse’s property, unless the other spouse’s name appears on title (the other spouse may have an equitable interest in the property, nonetheless, if the other spouse’s resources went to obtaining that property).

Can a married couple take out a loan against a property?

Take one step at a time and find out the precise details. He can legally take out the loan against the property. As a married couple the bank assumes that the property owner (s) has (have) conceded to have such an arrangement. What I do NOT know is how to inform the Land Registry of ownership (in terms of percentage) after a split.

Can a husband have a loan secured against a house?

It would be rare for you to be on a mortgage and not the deeds but particularly in this case, it is essential to know that the OP is in fact named on the house deeds. If they are not, then yes the husband can have secured a loan against the property without the knowledge of the OP.

Can you take out a loan against your home?

You can only take out a loan against your property if you own all or part of your home (known as the equity in your property.) You can borrow money in different ways against your property’s value – the main risk being if you don’t keep up with your repayments, you could lose your home because the lender can take action to repossess.

Can a spouse take legal action against a home equity loan?

If you somehow manage to get through the closing process, your spouse can take legal action against the lender. Additionally, in a divorce proceeding, the judge will find you alone liable for the debt, which can affect the amount of assets you would receive in a settlement.

What’s the difference between husband’s and wife’s debts in Oregon?

Therefore, the general rule is: debts incurred by husband are husband’s debts in Oregon, not wife’s; and, debts incurred in Oregon by wife are wife’s debts not husband’s.

Can you get a home loan without your spouse?

In this case, you can apply for the loan without your spouse. The lender will qualify and approve the loan based on your income and credit. Your spouse will have to sign the mortgage or a spousal consent form, but the obligation will be on you alone.