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Novation - Transfer mortgage to another individual

Posted on: 18th Nov, 2006 06:31 am
What is novation? Can anyone define it for me...
Welcome Albert,

I've replied to a similar query at http://www.mortgagefit.com/propertytransfer/divorce-house.html . Please take a look at it.
Posted on: 17th Sep, 2008 12:47 am
hello,

an ex and i purchased a home together. he moved out 3 years ago and i have been paying the home since then. my credit isn't very good so i dont think i can refinance. he is willing to sign a quick deed, but i'm worried since he is thinking of going bankrupt. what can i do?
Posted on: 18th Oct, 2008 05:43 pm
Hi Maribel Flores!

If you can afford refinancing, then you should go for it. I don't think his filing a bankruptcy will affect you if you are not on mortgage with him.

Thanks,

Jerry
Posted on: 20th Oct, 2008 01:48 am
my father passaway and he had be given 9 acres from his parents. and there are three hiers as survivals. but my uncle said that we need to quitclaim the pro over to him and he will put, it in are names. what wrong with that picture.
Posted on: 28th Oct, 2008 08:39 pm
Hi JB!

As far as I can understand, you will normally inherit your father's property if your father has mentioned that in his will. If he has not left any will, you may file an Affidavit of Heirship and claim the property. I don't think there is any need to quitclaim the property to your uncle.

Thanks.
Posted on: 29th Oct, 2008 12:13 am
My daughter in law is living in my mortgaged home. Currently she is making the mortgage payments but not renting. even transfer of funds. How can I get out from under this house and loan?
Posted on: 02nd Nov, 2008 09:18 am
My husband and I are entering into a divorce situation. I cannot qualify for a loan (to purchase my own property) as long as I am still on our current mortgage. The lending institution (which holds the mortgage to the home)indicated he could not refinance the property in his name until the divorce was final. My loan officer indicated refinancing could not occur if divorce proceedings have started. I am in a quandry as there is a foreclosure property just listed on the market 4 blocks from where we live and it would be ideal for a joint physical custody situation for our child. I do not have the cold hard cash to work with buying it outright, but need to be able to move quickly to purchase this property. Any advice please?
Thank you!
Posted on: 02nd Nov, 2008 06:37 pm
Hi Donna!

I think there would not be much problem in getting the loan in your name. I would suggest you to consult some other lenders for a loan. In case, they do not agree to give you a loan, then you will have to wait for some time. You can also consult with the lenders of this community. This will be a no-obligation free consultation.

Thanks.
Posted on: 02nd Nov, 2008 11:33 pm
My husband & I have a rental home that is rented out, and the tenants want to buy the home but don't think they'd qualify. We have refinanced the house, (long with the drop in price's) to were there is no equity left. Can we sign over a quit or quick claim to the tenant's while there is still a balance on the mortgage? We just want to sign over the house and get out from under the responsibility and mort. payments and taxes. Can this be done with just the tenants and us without involving the morg. company? Simple & easy.
Posted on: 04th Nov, 2008 11:42 am
Hi CL!

Quitclaiming will only transfer the property in the name of the tenants. It will not transfer the mortgage. The buyer will have to get approved for the mortgage. In case if the buyer does not gets approved for the loan, he can try for a refinancing with the terms and conditions that they can afford. They may even check with other lenders if the original lender is not refinancing the loan.

Thanks.
Posted on: 04th Nov, 2008 11:07 pm
My name is on a Mortage loan with my daughter. She moved out of the house and I am paying the Mortgage. Can she still file homestead Exemption on the house, if I do a quickclaim deed, if she is not living in the house.
Posted on: 11th Dec, 2008 11:18 am
Hi Martha

As far as I know, to get a homestead exemption on the property, it has to be the person's primary residence. So if the property is your daughter's primary residence, she will get an homestead exemption. But as you have mentioned that she is not living in the house, I don't think she can get the exemption.

Thanks.
Posted on: 12th Dec, 2008 12:23 am
I divorced my ex a year ago, she stayed in house and continued making the payments, both of our names are on the title and loan. Right now she says she cant refinance the loan because she wont get approved since she doesnt make as much as I do. If i sign a quit claim my name will be off the title but still on the loan, correct? From what i understand, novation will remove me from the loan if the lender agrees to it, right and she wont have to refinance?
Posted on: 21st Dec, 2008 02:02 pm
Welcome Joshua,

Yes, you are correct. But you should also remember that the lender will check the credit score, income etc when your ex applies for a novation. She will have get approved for novation as well.
Posted on: 23rd Dec, 2008 12:09 am
hello, i recenctly married, i want to know if my husband name will automatically be added to my deedtile of my house as i had the house prior to our marriage.
Posted on: 07th Jan, 2009 06:36 am
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