What can my lender do if my ex-wife refuses to sign a subordination agreement regarding a lien that was overlooked by it at the time of my refinance?
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What can my lender do if my ex-wife refuses to sign a subordination agreement regarding a lien that was overlooked by it at the time of my refinance?
My mortgage lender is calling me seeking a subordination agreement from my ex-wife. I refinanced into my current mortgage 3 years ago following my divorce. Apparently my lender missed my ex-wife’s lien and approved my mortgage. I am current on my mortgage. What can my lender do if my ex-wife refuses to sign the subordination agreement?
Asked on April 16, 2012 under Real Estate Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your wife who I presume is on legal title to the home that you and she own refuses to sign a subordination agreement that was overlooked at the time of the refinance, the lender can file a lawsuit against you and her deeming that the loan is rescinded (cancelled) due to mutual mistake of the parties and the error that you have written about. If successful, the loan is cancelled and you are now in a worse situation.
I recommend that you sit down with your wife and try to have her sign the document. If not, you need to consult with a real estate attorney to assist you in this situation.
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