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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.

jenkin7 · Posted: Wed Apr 08, 2009 11:25 pm Post subject:

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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