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Novation - Transfer mortgage to another individual

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mickey britt Guest	Posted: Tue Sep 27, 2011 12:17 am    Post subject: deed Like 0 Dislike 0 I sold a piece of property and assigned the mortgage to my girl friend I own the deed and we broke up can I ask the buyer of the property to pay me a small amount and sign the deed over to him as being satisfied as I owned the mortgage but assigned the payments to her? Thanks Mickey
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Sep 27, 2011 9:50 pm    Post subject: Like 0 Dislike 0 Welcome mickey, If the mortgage payments has been assumed by your girlfriend, then she will be liable for the payments. You should inform the buyer about the same. If the buyer wishes, then he/she can refinance the mortgage. You can sign the deed over to the buyer. There won't be any problem regarding it. _________________ Procrastination is the enemy of your financial success
mickeybritt Guest	Posted: Wed Sep 28, 2011 3:53 am    Post subject: repost Like 0 Dislike 0 I sold a piece of property and financed it myself. I assigned the mortgage payments to my girl friend, she gets the money every month. This transaction was done in Louisiana, I own the deed but she gets the money. Can I sell the deed at a big discount to the buyer and them no longer have to pay her? I don't know if I did this if this would make her receive no money or even if I gave the deed to the buyer of the property would they still have to pay her. thanks Mickey
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Sep 28, 2011 11:17 pm    Post subject: Like 0 Dislike 0 Hi mickeybritt, You may sell off the deed to a buyer but again it will be the buyer's discretion whether or not he will consider buying such a property. Thanks
ejs Guest	Posted: Fri Feb 03, 2012 6:55 pm    Post subject: Grandmother on Loan and has quit claimed to Grandson - Like 0 Dislike 0 Grandmother purchased the property in her name only 7 years ago. Grandmother signed and filed a quit claim deed to the Grandson 3 years ago. She has a mortgage and it is in default X3 months. Can the Grandson sell the property and regain his money - he made the payments to the Grandmother and she in turn paid the mortage??
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Feb 06, 2012 1:27 am    Post subject: Like 0 Dislike 0 Hi ejs, Your query has been replied to in the given page: http://www.mortgagefit.com/know-how/about53909.html . Please take a look at it. I hope it will help you. Thanks
Geodude29907 Guest	Posted: Wed May 16, 2012 5:37 pm    Post subject: Novation Like 0 Dislike 0 I'm in the process of divorce, we owned two houses I will be keeping both. I was given a grace period to refinance into my name only. My credit is pretty good, I qualified for refi on both but the appraisals were too low. Is there some "magic" phrase or request to use with the mortgage company (same for both houses) to do a Novation? I think this is the best course of action for me at this time. With the low appraisals I would have to rob about 10 liquor stores to get the bucks I would need to complete the refinance program. I have never been late on a payment in almost 10 years. Thanks
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed May 16, 2012 11:37 pm    Post subject: Like 0 Dislike 0 Hi Geodude, There is no magic phrase to request the mortgage company to do a novation. You will have to negotiate with the lender and convince him for novation. It will be completely the lender's discretion whether or not he will consider your request. _________________ Procrastination is the enemy of your financial success

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