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jsternoff · Joined: 08 Apr 2008 Posts: 1 1.38 Dollars($)

Can my wife transfer the mortgage to me without refinancing?

We are still married, however we would like to take her name off the mortgage. I am the primary borrower and she is the co-borrower. We would like to free her up to do other things.
Is this possible, if so how can it be done?

thanks.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jsternoff,

Welcome to the forum.

You should contact the lender and consult with him regarding this. You may request him for novation to transfer the mortgage to your name. But the lender does not always agree to go for novation.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Posted: Wed Apr 09, 2008 3:53 am Post subject:

Welcome,

Even I agree with Larry that novation is the way by which you can transfer the mortgage on your name without refinancing. But it needs the lenders approval. So request your lender for it asap.

Let me know if you have any more queries.

michelle · Posted: Wed Apr 09, 2008 4:15 am Post subject:

Welcome to the forum jsternoff,

Larry and Niicss are correct - the only way to do what you are proposing is to have your current lender agree to a novation. In order to obtain the novation, you will need to be able to qualify for the mortgage solely on your own. If you are not able to do that, you may still need to refinance and use a different program to release her from the mortgage.

Please let us know if we can answer any further questions. Best of luck.

rita2 · Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)

Hi,

There are two options by which you can remove your wife's name from the mortgage deed.
Firstly, You can opt for novation, by which you can transfer the mortgage loan on your name. However, the lender has to accept it.
Secondly, You can re-finance the mortgage in your name. In both the cases there are certain restrictions. You need to qualify for the program, then only you can go for it. The lender will check your credit score, your source of income, your credit history, etc. , then the lender will approve your request.

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