Posted: Wed Jul 28, 2010 9:55 am Post subject: Difference
What is the difference, if any, between a quitclaim and title transfer? Is novation something that is beneficial to someone wanting to get a mortgage transferred?
Once the title forms are signed, does that person have anything to do with the refinance process?
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Anette Guest
Posted: Wed Jul 28, 2010 10:32 am Post subject:
All one the person signs the title transfer are they completely removed from the process.
A quit claim deed helps in transferring the title of the property to someone else. A novation is one of the ways to transfer the mortgage from one person to another. If the new owner goes for a novation, then refinance is not required.
Thanks,
Jerry
Anette Guest
Posted: Thu Jul 29, 2010 3:59 pm Post subject:
When the quit claim is signed and the person is going through the refinance process, an appraisal is necessary. If the appraised value is lower that what is owed on the original mortgage, how is this affected? I've heard of some Obama programs, etc.
If the appraised value of the property is lower than the mortgage owed, then the new owner of the property won't be able to refinance the loan. Thus, the old owner of the property may remain liable for the dues.
jerry
