Refinancing jointly owned home


#1

The names on the deed and the mortgage are both spouses. The divorce decree states that when the house sells, the equity will be equally divided between both spouses. One spouse still resides in the house.
Can the spouse residing in the house refinance without the signature of the other spouse?


#2

We did this while we were still married. We refinanced to a lower rate and put the mortgage only in my name bc he had no job. I’m realizing that was a mistake now, because he gets half the proceeds when we sell but has no responsibility to pay for the home as it is all my debt. When we signed the refinance papers, we both had to sign-off on the old mortgage since it was in both our names and then only I signed the new mortgage in my name. So…yes, you can do it; yes, he has to agree to it; butit is not advisable. Also, if you are selling your home, then you would want to look at the cost of the refinance vs the time you are going to stay in the home. It could cost a few thousand just to lower your payment a little bit.


#3

Typically no. In order to refinance the home one has to have 100% ownership in the property.


#4

Thanks for the reply!


#5

You are most welcome.