Davison, MI asked in Real Estate Law for Michigan

Q: Can a spouse refinance a home without the others signing if they are on the mortgage

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3 Lawyer Answers
Thomas. R. Morris
Thomas. R. Morris
Answered
  • Dexter, MI
  • Licensed in Michigan

A: No, not if by "refinance" you mean "get a new loan secured by a new mortgage on the home." The grant of a mortgage requires the signature of all owners.

Kenneth V Zichi
Kenneth V Zichi
Answered
  • Fowlerville, MI
  • Licensed in Michigan

A: This depends on what you mean by 'on the mortgage' and 'refinance'.

ANYone can pay off a loan and take out a new one to 'refinance' the old loan. You don't need anyone else's permission to pay their debt, and can simply do it.

HOWEVER, to get a NEW mortgage you need to get all co-owners to sign off. SO if you want to get a new personal loan to pay off the loan, you can do that (but that is rather unlikely!) but if you want a new mortgage, as Mr Morris pointed out, everyone on the title to the house will need to sign off.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

Michael Zamzow
PREMIUM
Michael Zamzow
Answered
  • Grand Rapids, MI
  • Licensed in Michigan

A: Adding to the other two layers above, it really depends on the bank. If another person owns a property, and only one tries to refinance and mortgage, it's not really conceivable that a bank would allow the mortgage without the other owners signature. But, they could, the bank would just be taking a less-than-whole security in the property. I imagine if the property is worth 10x more than the amount of the mortgage, the bank might be inclined.

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