Hi all,
New to the forum with some pretty basic questions. Here is no 1:
My husband and I always wanted to leave our house for our kids. When he left, I stayed in it with our two kids and he moved into a house in the neighbourhood. In the subsequent two years he has quit his job, tried to start a business (fail) and has now dug himself deeply into debt.
We are undergoing financial mediation right now, to tyr to accomplish two immediate goals:
- to create a monthly budget for the ids that we both contribute to, to share costs
- to split our debt up (a line of credit against our house)
He owes $200K against the house, I owe about $120K.
Here's my question:
If we were to sell, does the bank immediately take the money owing on the line of credit?
New to the forum with some pretty basic questions. Here is no 1:
My husband and I always wanted to leave our house for our kids. When he left, I stayed in it with our two kids and he moved into a house in the neighbourhood. In the subsequent two years he has quit his job, tried to start a business (fail) and has now dug himself deeply into debt.
We are undergoing financial mediation right now, to tyr to accomplish two immediate goals:
- to create a monthly budget for the ids that we both contribute to, to share costs
- to split our debt up (a line of credit against our house)
He owes $200K against the house, I owe about $120K.
Here's my question:
If we were to sell, does the bank immediately take the money owing on the line of credit?
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