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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Home equity LOC where joint ownership

My wife and I are joint owners of a house worth about $250,000. We own it outright so there are no mortgages or other encumbrances. I want to get a home equity line of credit to pay off some debts but my wife is opposed to this. Is it possible to get a HELOC that would be secured against my half of the equity in the house only?

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One Response to “Home equity LOC where joint ownership”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

I doubt very strongly that this is something that can be done, but I have never tried to do something of this nature. You can always contact the bank and ask, but in my experience if you don’t have the cooperation of both people on title the banks won’t even consider it.