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claytonils · Joined: 11 Nov 2009 Posts: 1 1.26 Dollars($)

qiuck claim deed doesnt remove that person from the morgage but you stated to ask your lender about novation

jenkin7 · Posted: Wed Nov 11, 2009 10:15 pm Post subject:

Hi claytonils,

A novation is a process through which a borrower can transfer his loan liability to another person and release himself from the responsibility pf repaying the loan. This is possible only if the lender allows it. Given the market situation, you will not find many lenders who would allow you to get rid of the loan through a novation agreement. Most of them would want a refinance to release you from your mortgage liability.

gbrosint07 · Joined: 03 Dec 2009 Posts: 4 33.06 Dollars($)

Novation is a term used in contract law and business law to describe the act of either replacing an obligation to perform with a new obligation..
the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party.

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what is novation