what is novation

jenkin7 · Posted: Sat May 09, 2009 1:07 am Post subject:

Hi LaShonda,

As your mother is the only one on the loan and you will be transferring the property from her to one of you two, you will have to talk with the lender and get their permission. Otherwise, a change in the title without the lender's knowledge may result in an acceleration of the mortgage because of a due-on-sale clause in the loan agreement.

Guest

My ex-husband has presented me with a special warrant deed. If I sign this, does this mean he can come back and make me pay for repairs on the house. Which deed would be in my best interest.

savior70 · Posted: Sat May 16, 2009 6:24 am Post subject:

Hi

A special warranty deed is used to transfer property title. If you sign the deed as a grantor you'll relinquish all your rights in the property and will have no interest in it. In such a situation, you'll not be responsible to pay for its repairs. But keep in mind that once you sign the deed you'll have no ownership in the property.

Guest

My question seems to concern a common theme. My fiance and I broke up, but before we did we bought a house together. At the time I moved out and we split the payment with the agreement that he would refinance. He was unable to refinance so he took over the full payments if I gave him a little more time. The problem is, now a year and a half later he has not refinanced and my name continues to be on the property. Do I have any rights concerning the house? Can I force him to sell or refinance?

jerry · Posted: Fri May 29, 2009 5:51 am Post subject:

Hi Cheryl,

You cannot force him to refinance, unless there is any legally valid agreement between you and him wherein he agreed to refinance within a certain time. If you're on the title, you have a legal right to the property and you can force a sell of the house. You'll have to file a partition lawsuit in the court in order to do that.

Thanks,

Jerry

gmakerley · Posted: Fri May 29, 2009 8:02 am Post subject:

this is definitely a recurring theme. i won't go on about two or more unrelated people purchasing a home together and the ills that can generate, but it's certainly part of the overall problem.

as for the circumstances so many folk find themselves in these days - with the decline in home values across the nation, it has become impossible for parties who have split from each other to accomplish the refinancing that they had agreed upon.

i don't have a solution to this problem, save waiting out the market, and while i feel it's too bad for those who have vacated properties yet still have obligations, i think these same people need to be a bit more understanding of the other party's inability to refinance.

in this marketplace, values have plummeted, borrowers have lost income either due to job loss or hours being cut, credit score requirements have gone up and credit scores themselves have gone down. this confluence of negative factors are more the driving force in people's inability to refinance than an outright refusal to do so is.

i hope we - nationally - can become a more patient people.

Guest

Does Massachusetts have a Realtor Board and how can I determine if the company I list my home with IS a REALTOR.

Guest

i filed a quit claim to my daughter & her husband but did not sign courts recorded it had a QCD did at same time back to me if they divorced to save my credit (mortgage in my name) tried ti file it clerk said it was no good because they did not sign it, but yet they recorded the first one and they dont know how to undo it. Now daughter & husband getting divorce and his atty trying to make it some kind of trust -- Do I have any hope without big legal fees??

gmakerley · Posted: Mon Jun 22, 2009 12:33 pm Post subject:

in my opinion, your first question ought to be to an attorney who might be able to save you from big legal fees or charge them, if necessary. good, solid legal advice from an attorney who practices in your area is your first, best source.

Guest

My husband an I are will file for divorce in the next month. He is buying a property now and I have signed a Interspousal Transfer Deed. He said that the loan and the title of the new property will be on his name only. Will I be responsible for any debt regarding this property when we divorce? Should I ask him for Novation or any form to make sure I wont be responsible for debt?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Melissa

This was answered in your other post

Good luck

Guest

Hi My husband and i are looking in purchasing our first home, but using my dad as cosigner. how can we use my dad's credit to get the loan , but then remove him from any responsibility on the property just in case things don't work out with my husband? In other words, how can i make sure that the efforts that my parents do, won't affect them negatively in the case that my husband bails?

gmakerley · Posted: Tue Jul 07, 2009 8:23 am Post subject:

wow...it's nice to plan ahead, but isn't it carrying it all a little bit too far when you're already concerned about your husband bailing?

Guest

hi- my husband and i are wanting to transfer ownership of our second home to my brother who has bad credit ... how do or can we do that while still making mortgage payments?

annyb27 · Joined: 07 Jul 2009 Posts: 135 0.88 Dollars($)

Novation means-

The substitution of a new contract for an old one; or the substitution of one party in a contract with another party.

or

The replacement of existing debt or obligation with a new one.

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