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 cerulean1958
Joined: 16 May 2006
Posts: 2
0.09 Dollars($)
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 Posted: Wed May 17, 2006 7:43 am Post subject: Novation |
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Thank you for your help. What does novation mean? I need to take my name of a mortgage title. Due to a divorce settlement, I'm being asked to sign a quit claim, I want to be sure I won't be responsible for the mortgage.
Thanks. |
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mac_7
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1600
Location: MASSACHUSETTS
149.06 Dollars($)
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| Posted: Wed May 17, 2006 9:50 am Post subject: novation and quit claim |
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Hi,
Welcome to MortgageFit Forums.
Novation is the process by which a borrower can transfer the liability of a mortgage to a new borrower under the approval of the lender.
By signing a quit claim deed you are going to transfer only your interest in the property but it won't release your liability for the mortgage. If you want to remove your name off the mortgage then, you can do it either by novation or through refinancing.
Many do not prefer refinancing as it involves a lot of junk fees which makes it more costly than novation. But whatever process you adopt it is always advisable to take the help of an attorney so that everything can be done as per the legal requirement.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha |
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