Legal Question in Real Estate Law in Michigan
Name(s) on mortgage
We are refinancing our home. Our broker (a close friend of my brother-
in-law) has sent us an application package using only my wife's credit
information, and has not listed me as co-borrower(although I am listed
as joint tenant). He has not even indicated that my signature is
necessary on the application. (I am self-employed, and have made very
little money as I have started up the business) Our current mortgage
lists my name first, and my wife's name is listed as co-borrower.
Will this affect my rights of ownership, and will my credit rating be
impacted at all?
1 Answer from Attorneys
Re: Name(s) on mortgage
1. No. Your ownership rights will stay the same. You should sign the mortgage and other documents when the time comes.
2. I asked an expert in the lending field about the effect on your credit score. She told me that your credit score might drop a little as a result of this transaction.
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