Can you refinance your home without the cosigner’s consent?

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Can you refinance your home without the cosigner’s consent?

When I was young I cosigned a home loan
with my then fiance. We didnt work out
and I joined the Navy and never looked
back. I just recently found out that my
name was still on that home loan. When I
called the bank they said that he had
refinanced the home loan in 2015 and
that my name was still a cosigner but
they didnt need my consent because it a
‘mature loan’. Is this legal?

Asked on August 15, 2018 under Real Estate Law, Missouri

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The fact is that a person cannot be held liable for a contract entered into without their consent, including a loan. And this goes for a "mature mortgage", whatever is meant by that. At this point, you can sue to have your name removed if the bank will not voluntarily do so.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, it is not legal. No person may be held to any contract or agreement-including a home loan--without his or her consent. There is no exception for "mature" loans: you cannot be made to agree to be resonsible for any  loan, including a refinanced one, unless you agreed to it. You could likely bring a legal action against the bank and your former fiance to force the removal of your name, if this is not otherwise resolved voluntarily.


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