Arlington, VA asked in Real Estate Law for Virginia

Q: Ez-fiancee name on mortgage loan (as well as mine) but the deed is in my name only.

I have kept payments current in the mortgage for 3.5 yrs but would like to re-finance it in my name only. Do I have to get permission from him to do this? A bank is telling me he has to sign a form

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1 Lawyer Answer
Ross Cameron Hart
Ross Cameron Hart
  • Salem, VA
  • Licensed in Virginia

A: I start with the general principle that banks are stupid, and the bigger the bank the stupider they are.

To clarify: When you bought the property the seller delivered a deed which lists ONLY you as the grantee (buyer). To finance the purchase both you and your then fiancee was on the loan application and signed the 'note' (promise to repay the loan) and, for some reason, was asked to sign the 'deed of trust' (mortgage) even though he had no ownership interest in the property.

You now want to refinance the loan and presumably your income and credit history qualify you for a new loan.

Bank is wrong, and may even be violating the Equal Credit Opportunity Act by requiring anything from him. You're probably dealing with people who have no clue about real estate and are going only from a checklist they have.

I'm curious why they tell you ex has to 'sign a form' and what that form is, since under the facts given he has nothing to do with ownership of the property other than being on the loan you are paying off. If they can't explain WHY they want 'that form' satisfactorily, SUGGEST (don't say) they're violating the ECOA with that demand and ask for a supervisor. ("You might be violating the ECOA with that requirement"

Good luck)

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