Question : Can my divorced wife refinance our jointly owned home?
We are recently divorced. Court gave her use of the marital home for 3 years. She is planning to refinance the home with her father as a co-signer. We jointly own the home. Can she do this?
- asked by fasjr1
All Answers:
Answer #1
Only if you sign a quit-claim.
- answered by Ricky T
Answer #2
It depends on how the title is recorded .If bothnames are on the title , then she can't withoutyour signature.That said, it doesn't mean anunscrupulous lender won't make the loan anyway.Ifyou are truly concerned you'd be wise to file aninjunction blocking the action.
- answered by Ryde-on
Answer #3
if the property is in both of your names then shecant but there have been cases where one has andthe banks have not bothered to ask for signatures,so therefore i recommend you call the lender andstate that all decisions will have to be signed byboth of you
- answered by 2JZGTE
Answer #4
I dunno, can she?
- answered by Mr. Fix It
Answer #5
Not without your signature. If the house is inboth names, she must have your signature in orderto refinance.
- answered by cjlpn3
Answer #6
I am going through that exact thing right now. Ihad to have it written in the Property SettlementAgreement that he will agree to sign a refi to getmy ex's name off. Contact your attorney, theyshould be able to let you know what you arelegally allowed to do.
- answered by Christina6473
Answer #7
Yes she canThat's a good thing for you.It doesn'teffect you half of the equity in the home.Hopefully she cashes you out at the same time.
- answered by Johnny
Answer #8
You really should contact a lawyer or a mortgageprofessional who can give you a definite answerafter reviewing your information.Typically, ifyou're listed on the current title and the currentmortgage, you need to approve any financialtransactions on the property. There could beexceptions to this rule, which is why you need aprofessional to review the information and yourdivorce settlement to advise you.Whether you wouldagree to a refinance is up to you. It probablywill lower the mortgage rate on the property andtherefore lower the payment, which seems in yourbest interest, but that really depends on yoursituation.The bottom line is you want to make sureyour credit isn't affected, so do the right thingand let professionals advise you. Assuming she canrefinance, I would definitely find out if the newrefinance includes any cash out that you could beliable for. Probably not, but make sure.I'veincluded a link below to a guide we (QuickenLoans) created for folks in similar situations toyours. It may help answer some of your questions.
- answered by Quicken Loans
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