Becka
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 Posted: Wed Apr 08, 2009 2:31 pm Post subject: Quitclaim/Novation |
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Would a Quitclaim and Novation work in my situation (Michigan) ?
My situation: My older sister wanted to get her first home back in March 2007. She didnt qualify on her own for the loan, So I took on half the Morgage, and own half the home. We would like to transfer everything to her name, so I can move on to things of my own, however we cannot refiniance due to the downward movement of the housing market. |
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 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Wed Apr 08, 2009 11:25 pm Post subject: |
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Hi Becka,
You can quitclaim your share of interest in the property to your older sister to remove your name from the title. But to remove your name from the mortgage, a refinance is the best option. What is her credit score? Can she not alone qualify for a refinance? If a refinance is not possible, you can request your lender for a novation. But it is most likely that the lender would prefer a refinance to a novation. |
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