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Assuming that you were married when you purchased this property, she would have known as an undivided one half ownership interest in this property, as the ownership would be "tenancy by the entirety". What that means, is that if you were to ever get divorced, for if you were to die, she would have an ownership interest in the property. The fact that she is not on the mortgage only means that she has no liability to the bank for the mortgage, and does not affect her ownership interest in the property. That being said, to get the property refinanced, you can have a written contract with her saying that if you were ever to die or get divorced, her signature on this documentation saying that she has no right to the property would not bind her concerning any rights to the marital estate.
This can be a simple contract in writing, saying that in exchange for her signature on this to get the refinancing, that you will not hold her to any statement that she makes regarding her ownership interest on this property.
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Can she simply 'line-out' the statement that suggests she give up her rights? Do we have to formerly make a document to submit to the bank for their agreement?
first of all, you do not have to formally make an agreement and have the bank accepted. Any agreement would be between you and her, and would essentially reassure her that her rights are not being minimized any way. What the bank is concerned about is that if you are the sole borrower on this loan, but somebody else, then it says I never agreed to that loan in the first place, that this could be a way that individual that did not sign on to the loan could try to invalidate the loan. Ultimately this is a CYA tactic that the bank is doing to protect itself.
So if you were to line out that on the agreement, it would probably not be accepted by the bank.
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