Legal Question in Real Estate Law in Illinois
Refiancing question
We wanted to refiance and the bank told my husband that I could not be on the mortgage because of credit history. I checked my credit history and it states I am a Average creditor. He wants to refiance anyway and I do not want to lose my name off the property through our current mortage. I would like to know what my rights are and can the bank do this without my consent.
1 Answer from Attorneys
Re: Refiancing question
Bottom line is, the lender does not have to give you a loan. The lender should not require that you be removed from title, since this would interfere with your estate planning matters. Some lenders, however, don't understand this. What I have seen done, is there is a deed taking you out of title, and then immediately after the mortgage is recorded, a deed is recorded putting you back in title. On the other hand, maybe you should look around for a more cooperative lender.
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