Can you refinance your home without the cosigner’s consent?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can you refinance your home without the cosigner’s consent?
When I was young I cosigned a home loan
with my then fiance. We didnt work out
and I joined the Navy and never looked
back. I just recently found out that my
name was still on that home loan. When I
called the bank they said that he had
refinanced the home loan in 2015 and
that my name was still a cosigner but
they didnt need my consent because it a
‘mature loan’. Is this legal?
Asked on August 15, 2018 under Real Estate Law, Missouri
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The fact is that a person cannot be held liable for a contract entered into without their consent, including a loan. And this goes for a "mature mortgage", whatever is meant by that. At this point, you can sue to have your name removed if the bank will not voluntarily do so.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
No, it is not legal. No person may be held to any contract or agreement-including a home loan--without his or her consent. There is no exception for "mature" loans: you cannot be made to agree to be resonsible for any loan, including a refinanced one, unless you agreed to it. You could likely bring a legal action against the bank and your former fiance to force the removal of your name, if this is not otherwise resolved voluntarily.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.