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jamesoncade · Joined: 17 May 2011 Posts: 1 1.37 Dollars($)

I was divorced last year ( online, no lawyers), I have the house per the divorce & have been paying it throughout the seperation & divorce. My exhusband & I are both on the loan. I am a student and recieving support, not working, and unable to sure a re-fi in my name. What should I do to remove my ex's name from the home & loan? I worry it is not enough to just have it in the divorce papers & want to ensure less problems in the future ( if I were to sell the home). Is a Quitclaim enough? What's the difference between Novation and Assignment? And which one would work for me right now? ( and spare me the cost of a lawyer!)Thanks so much!

chrisgummerson · Posted: Tue May 17, 2011 1:17 pm Post subject:

The only way to remove the other party from the loan is to refi or sell. The lender will not change the note, or the loan. Being on title can change or be transfered. The novation or assignment is basically selling your home to another party and assuming your existing loan. But you are already on the loan, so that will not work. Either sell now, and take the profit, or hold on as long as you can until you can refi.

adonis · Posted: Tue May 17, 2011 9:23 pm Post subject:

Welcome jamesoncade,

Unless you refinance your home loan, you won't be able to remove your ex-spouse's name from the mortgage docs. You can even sell off the property in order to get rid of the mortgage. You can go for novation but it will be the sole discretion of the lender whether or not he will consider your request for novation.

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