Do I need to file both novation and quit claim deed?

funnyfayce · Joined: 03 Mar 2008 Posts: 1 1.33 Dollars($)

I bought at condo back in 2006 on stated income. I tried to refinance recently but no one will give me a loan on my stated income. I can't afford my high rate equity line anymore but don't want to sell my property. My parents are willing to refinance it for me. Do I simply need a novation for this or do I have to file both a novation and quit claim? I need to get the property completely off my credit and put onto theirs. What do I need to do?

Jeanette · Posted: Mon Mar 03, 2008 5:53 pm Post subject:

Some lenders dont do Novation, talk to lender to see if they will. Have you considered your parents purchasing the property from you. That would be a way of the getting the property off your credit.

Jean
Loan Officer/Representative

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi funnyfayce

Welcome the forum.

I think as your parents are willing to refinance so there is no need for novation. You can just quitclaim the property to your parents and they will refinance the mortgage on their name. But first off all inform your lender and see if he is ready for that. If he cannot approve that you can shop a bit for lenders.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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