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Mortgage Re-Fi question about deed

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lisab7
LIF Infant

Member since 10/10

352 total posts

Name:
Lisa

Mortgage Re-Fi question about deed

My exH & I own a house together. Currently he is living there and pays the mortgage. I pay the home equity loan. This was part of our divorce agreement.

He wants to refinance the house so that he is only on the mortgage. He claims he only wants to remove my name from the mortgage but I don't trust him. Both of our names are on the deed.

If he re-finances, doesn't he need my signature since I own half the house? Would my name be removed from the deed if he tries to do this on his own? Do I need to speak to a lawyer?

I really feel like he is trying to pull a fast one on me.

Posted 11/27/12 9:10 PM
 
Prudential Douglas Elliman Real Estate
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The Law Office of Robert Perrotta, PC
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Re: Mortgage Re-Fi question about deed

I think you should speak to your matrimonial attorney to find out exactly what the agreement says can be done.
From a real estate perspective, every owner listed on the deed must also sign the mortgage, but not necessarily the mortgage loan documents. The mortgage is the voluntary lien that you give to a lender to secure repayment of a loan. If the loan does not get repaid, then the lender must foreclose on the mortgage to enforce its rights. It needs all of the owners' signatures on the mortgage to do it.
If you sign a new mortgage, your ownership interest will be affected by the terms of that new mortgage even though you are not personally responsible to repay it.
If he defaults, they foreclose on you too.
I don't know that he is necessarily trying to pull something here, he just may mean that the loan will be in his name. He can accomplish this however with you signing only the new mortgage (if acceptable to you) and a few related ownership documents.

Posted 11/28/12 9:56 AM
 
 

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