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That is the decision of the lending institution, but it would be very unusual for a lender to not insist on all title holders being a party of the refinancing. Complications can arise when there is a difference in the persons who are named on the property deed and those on the mortgage, most lenders will require all those on the title bear the responsibility of any financial issues in some manner. The way it is handled would likely depend upon the relationship of the parties involved, such as being married, an adult child of the mortgage holder(s), and/or how the title of the property is held.
What else can I help you with?
If both names are on the mortgage and deed and you breakup who is responsible?
Both owners.
Can you add the spouse's name to the mortgage paperwork?
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
In Florida does a spouse have to sign documents when refinancing a mortgage?
Yes. Both parties must sign the documentation when refinancing an existing mortgage. This is to protect both parties from unfair lending practices.
Why would one refinance a mortgage?
Refinancing a mortgage is an option pursued in the current market environment by numerous home owners, for various reasons. One might, for example, refinance their mortgage if interest rates have lowered, or if their personal credit score has improved enough to warrant a lower rate. Ultimately, while there are many benefits to refinancing a mortgage, there are also balancing detriments, and both of these are dependent on factors such as the lending institution and the individuals in question.
How can I switch mortgage companies without having to go through the process of refinancing?
To switch mortgage companies without refinancing, you can request a mortgage transfer or assumption. This process involves the new lender taking over your existing mortgage terms without the need for a new loan. Be sure to check with both lenders for any fees or requirements involved in the transfer.
Can the Mortgage be in your name and deed be in both your names - not married?
A lender would require that all the owners of the property execute the mortgage. If only one person signs the mortgage and it is later foreclosed, the lender would only get that person't interest. Lender would want ALL the interest conveyed in the mortgage deed.
Can you remortgage a house that is in joint names without your partners permission?
No, you typically cannot remortgage a house that is in joint names without your partner's permission. Both parties on the mortgage must consent to any changes, including refinancing the home. It is important to consult with legal and financial professionals for specific guidance in your situation.
While separated can one spouse refinance a mortgage without the other as long as both their names are on the deed?
The original deed of trust contains the names of both husband and wife. This is a Joint Tenancy Deed ... no changes can be made without the consent of both parties, and that includes refinancing. One or the other spouses will need to "buy out" the other's interest and gain sole ownership before attempting this.
When there are two names on a deed can one get a mortgage loan or do both parties have to sign for the loan?
Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
Unmarried couple both names on deeds only one pays the mortgage?
Unmarrie couple both name on deeds the mortgage is on his name
What is the difference between refinance and home equity loans?
Both refinancing and home equity loans release finance from the equity a person holds in their property. The difference that a loan is taken out based on the amount of debt owed on the property against the value if it was sold, but is separate form your mortgage. Refinancing will replace your current mortgage with a new one. Equity Loans generally carry a higher rate of interest that a mortgage.
