Legal Question in Real Estate Law in New York

Q. how can I assure that I will be approved for refinancing in just my name?

A. You can't.

Q. What happens if I can't and I've already taken him off the deed?

A. He would be equally responsible for payment to the lending institution. However, he would not have title to the property.

Mike.

You can go to a bank ahead of time and ask if you qualify for a refinance without the partner. If you get approval, you can take your partner off of the deed at the time you close out your refinance. If you don't qualify, then you're stuck. You can kick the partner off of the title, but s/he will still be obligated to pay (and it will appear on both borrowers' credit.)

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