Legal Question in Real Estate Law in New York
Refinance on Joint Tenancy
My partner and i are joint tenants
wros . If we change the deed only in
my name and she insists that her
name be removed from the mortgage
, will the bank ask me to refinance
the whole house again and provide all
the paperwork? I currently do not
hold a job and for me to show any
income right now is not possible .
What if i refuse to refinance and she
insists on removing her name , what
are the options ?
1 Answer from Attorneys
Re: Refinance on Joint Tenancy
She can insist all she wants. The mortgage company will be resistant to her taking her name off of the mortgage as a guaranty of repayment. You can always change ownership, but only the bank has the power to remove her name. She doesn't have the option, and neither do you. If you don't hold a job, and cannot have any possibility of paying the money back, you are unable to get a new loan and to refinance.
If you have any other questions, please feel free to contact me.
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