If my husband is refinancing our house because the interest rate is lower but he isn’t putting my name on the loan, does it matter?

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If my husband is refinancing our house because the interest rate is lower but he isn’t putting my name on the loan, does it matter?

Asked on June 30, 2015 under Real Estate Law, Michigan

Answers:

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

Answered 6 years ago | Contributor

When you say, "our house", does that mean that your name is on the title (deed)?�If not, then your husband would have to refinance solely in his name. The only way this will effect you is if the new mortage is not paid and your house is foreclosed on, although�you will bear no personal liability for nonpayment. However, if your husband is pulling some equity out of the house you may want to keep track of what he does with this money.

If you are on the title to the house then, as previously stated above, nonpayment of the new mortgage could result in foreclosure but you will not be held personally liable for repayment since you won't be on�the mortgage note. Again, you will want to find out what your husband intends to do with any proceeds that he may receive regarding�the refinance. That having been said, I don't see how he could refinance without your signature�if you are a co-owner of the house. Lenders want all legal owners to sign mortgage loan documents. If�your husband�says that he can refinance without you, I'd check on that; it doesn't seem right. Frankly, there have been instances where one spouse has forged the other spouse's signature and manged to get those forged signatures notarized.

If you have any further questions or concerns, you should consult directly with an attorney in your area.

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