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i need info on novation

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Guest	Posted: Tue Feb 23, 2010 2:23 pm    Post subject: i need info on novation Like 0 Dislike 0 I have a friend who has a home that he cannot afford to keep he wants to sell it to the person currently renting. however, the renter cannot re-fi credit is not good i heard of novation can this help?
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Wed Feb 24, 2010 3:25 am    Post subject: Like 0 Dislike 0 Novation is a process of assuming the mortgage from one person to another. However, lenders will always want the tenant to refinance the loan in his name. Also, the lender will check the tenants credit score and financial condition before letting him go for a novation. So, if the person has a bad credit score, he won't be able to qualify for it. _________________ Good is the Enemy of Great.

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