Is there another way to remove someone’s name from a joint refinancing loan without actually refinancing.

Brief: I purchased MY house before I met my ex. During my marriage, we refinanced. Now that we are divorcing he will not sign the divorce papers until I refinance again to remove his name. He is not on the deed and he’s not contesting anything; he just wants his name off. I don’t have a problem with this but the interest that I am paying now is GREAT and so was my credit score, once upon a time… If I refinance now with a lower score, I am going to pay!

Asked on June 26, 2009 under Family Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Probably not.  The bank could allow you to take someone's name off the instrument, but it's their decision; and as you point out, there's nothing in it for them--removing you soon-to-be-ex-husband means there's one less person they could look to in order to pay the loan, and if they get you to refinance, they will get a higher interest rate on the loan. Banks almost always require a full refinancing for any substantive change in a loan.


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