Is it required to have the signature of both husband and wife on a loan modification or can the loan institute accept only one of the titled owners?

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Is it required to have the signature of both husband and wife on a loan modification or can the loan institute accept only one of the titled owners?

I am in the middle of a loan modification for a home I have lived in for 7 years. The bank has given me the modification but my wife refuses to sign the paperwork. I submitted only mine but package was returned requesting her signature as well. I explained to my wife that to submit a quick claim deed to remove her name cannot be done until this loan is approved and submitted to file. She will not sign anything and I feel that the bank will not finalize the loan until she signs. I have explained this to them but I feel they will not approve it.

Asked on September 13, 2011 under Real Estate Law, Alabama

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the existing loan for your property that you want modified is in the names of both you and your wife, both of you need to sign the loan modification package regardless as to which of you are on legal title to the real property securing the promissory note by way of a mortgage or trust deed.

If your wife will not sign anything for the loan modification process, you are at an impasse in getting it completed in that the loan will not be finalized until all required signatures are placed upon the paperwork for the request.

I suggest you sit down with your wife and explain to her the need to carefully review the paperwork for the loan modification process, the importance that she understand the need for the modification and that she date/sign the application so it can be a completed package and submitted to the lender.

Good luck.


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