Legal Question in Family Law in New York
Re-financing
My name is on the deed, but not on the mortgage. He bought the townhouse before we were married. He now wants to re-finance. Can he re-finance in his name only while I am still on the deed? We are planning to get a legal separation at some point
Asked on 5/18/09, 7:15 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Re-financing
Can he refinance in his name only while you are still on the deed? The short answer is yes, however, it is not probable.
The bank would want a complete lien against the house. If your name is not on the mortgage, the bank's rights would be subject to your ownership. Therefore, banks generally want both names on the mortgage at the time the loan is made.
Mike.
Answered on 5/19/09, 12:16 pm
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