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Guest

Hi, My wife and I have a mortgage with two servicers. One form Wells Fargo- the main servicer while the other one is now with Select Portfolio after various transfers. My wife is the MAIN borrower and I am the co borrower. Now, I'm jobless and she's got a very stable income; in fact, two very good income. We tried several unsuccessful attempts to refinance and modify the loan which is currently at 6.875% and 9.878% respectively. Because of modification process, the mortgages have been in delinquency and have just started making the orginal payments since the lender couldn't reduce a penny on the rate and principal. Now, Can I do NOVATION by removing my husband name form the loan? or QUIKCLAIM? Pls I need an urgent advice on what to do, who to contact, and the process.
Thanks

gmakerley · Posted: Wed Nov 18, 2009 9:08 am Post subject:

no lender with any sense is going to be willing to drop a borrower in a situation such as you describe. i honestly don't think there's much chance of obtaining novation here.

Guest

No!, you might be getting it wrong... I am the real borrower, and It is the CO-BORROWER that I want to drop which is my husband. As at this moment I also can afford my mortgage conveniently.

gmakerley · Posted: Wed Nov 18, 2009 8:40 pm Post subject:

well, you said "my wife and i" to begin with, later asking "can i do novation by removing my husband" - if i was confused, there's little reason to wonder why.

my response stands, however. i see no way in which a lender with sense would remove a borrower (no matter who is "borrower" and who is "coborrower."

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