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My question might have been answered but i did not ind and answer that satisfied my needs.

This is the situation. My Girl friend and her ex own a condo. He does not want anything to do with the condo and is willing to sign it over to her.
The problem is that the mortgage is $136500 and it only appraised for 131000. I was going to refinance with her but we can not get a loan without spending a lot of money on it. I have a 750+ credit score and she has a 720
+ score as well.
What are the chances that the current lender would consider NOVATION? Do we have any other options?

Thanks i advance!!

jenkin7 · Posted: Fri Nov 13, 2009 2:07 am Post subject:

Hi Dado,

I'm not sure if any lender would want to replace an existing borrower with a new borrower through novation in this economy. It is more likely that the lender would ask you and your girlfriend to refinance the loan in your names in order to remove her ex from the mortgage. However, you can obviously discuss the option of novation with your lender. As both of you have good credit scores, the lender might be willing to let you take over the mortgage responsibility through novation. However, you must show adequate income to be able to afford the mortgage payments.

gmakerley · Posted: Fri Nov 13, 2009 12:03 pm Post subject:

it doesn't appear that she has too many options here. novation seems like a real long shot (worth asking, though) and refinancing is going to be extraordinarily difficult inasmuch as there's insufficient equity, plus his name is still on title.

not an easy situation to get out of, clearly.

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