Refinancing with only one name on title

[Ashish Bhatnagar]

BP Team, I have a non-investment question.  When my wife and I purchased a home in Minneapolis 2-years ago the mortgage and title were only in my wife's name.  Currently, we're in the middle of refinancing and we are being informed that the title must be in both names but the mortgage can stay in only one name.  Do you happen to know what the state law says about this?  Ideally, we want to keep the title and mortgage only in my wife's name.  Thanks.

[Tim Swierczek]

Ashish,

Minnesota law does not require a non-borrowing spouse to be put into title to close on a loan.  The law does however give spouses certain rights to a property when married and one of the consequences of those rights is that a non-borrowing spouse must sign documents that essentially give permission to refiance or sell a marital real property.  There is no requirement for spousal approval to purchase a property so it's only rewquired on refiance or sale.  My guess is that your lender has just did a poor job of explaining this distiction and that they are only requiring you to sign the forms needed to satisfiy state law.  If they are infact requireing you to be put on title, that would indicate you are working with a lender who truely does not understand lending in MN and I woudl be concerned.  Please feel free to PM me if you would like me to help you determine which of these situations is the case.

Originally posted by @Ashish Bhatnagar:

BP Team, I have a non-investment question.  When my wife and I purchased a home in Minneapolis 2-years ago the mortgage and title were only in my wife's name.  Currently, we're in the middle of refinancing and we are being informed that the title must be in both names but the mortgage can stay in only one name.  Do you happen to know what the state law says about this?  Ideally, we want to keep the title and mortgage only in my wife's name.  Thanks.