What is our option?

Posted: Wed Jul 01, 2009 2:03 pm Post subject: What is our option?

My husband bought a home with his parents 1 year ago. He was the main borrower and they were the co-igners. We just got married. We are trying to figure out a way that we can get my husband's name off the mortgage. His parents are fine with taking over the mortgage completely. We just didn't know what we could do as he is the initial borrower and they are just co-signers. Can his parents refinance as a co-signer and in the process just have his name taken off of the mortgage?

jenkin7 · Posted: Wed Jul 01, 2009 10:03 pm Post subject:

Hi Guest,

Your husband's parents need to refinance the property in their names to remove his name from the mortgage. This is the only possible way to take him off the loan. As your husband is the main borrower, the lenders would not want to remove him through Novation agreement or any other means, apart from a refinance.

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