On a joint loan can you require the other person to refinance if moving away with the property?
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On a joint loan can you require the other person to refinance if moving away with the property?
My husband co-signed a loan and is also on the title. The other person is moving away and wants no contact with us at all. We have had to remind her to pay for the last year and when she moved out she was late and the payment amount made has been decreasing. Can we require her to keep the car here until she refinances?
Asked on August 22, 2012 under Bankruptcy Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Unless there is already and agreement in place with respect to the loan that you are writing about where there is a joint loan, one party cannot require the other who is on the loan to refinance it if he or she is moving away. If the other party is willing to sign an agreement where the security for the loan remains (the presumed car) until the loan is refinanced, then that is allowable. However, you cannot force the other person to sign the agreement that you presently desire.
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