Novation - Transfer mortgage to another individual

Welcome mickey,

If the mortgage payments has been assumed by your girlfriend, then she will be liable for the payments. You should inform the buyer about the same. If the buyer wishes, then he/she can refinance the mortgage. You can sign the deed over to the buyer. There won't be any problem regarding it.

I sold a piece of property and financed it myself. I assigned the mortgage payments to my girl friend, she gets the money every month. This transaction was done in Louisiana, I own the deed but she gets the money. Can I sell the deed at a big discount to the buyer and them no longer have to pay her? I don't know if I did this if this would make her receive no money or even if I gave the deed to the buyer of the property would they still have to pay her.

thanks
Mickey

Hi mickeybritt,

You may sell off the deed to a buyer but again it will be the buyer's discretion whether or not he will consider buying such a property.

Thanks

grandmother purchased the property in her name only 7 years ago. grandmother signed and filed a quit claim deed to the grandson 3 years ago. she has a mortgage and it is in default x3 months. can the grandson sell the property and regain his money - he made the payments to the grandmother and she in turn paid the mortage??

Hi ejs,

Your query has been replied to in the given page: http://www.mortgagefit.com/know-how/about53909.html . Please take a look at it. I hope it will help you.

Thanks

I'm in the process of divorce, we owned two houses I will be keeping both. I was given a grace period to refinance into my name only. My credit is pretty good, I qualified for refi on both but the appraisals were too low. Is there some "magic" phrase or request to use with the mortgage company (same for both houses) to do a Novation? I think this is the best course of action for me at this time. With the low appraisals I would have to rob about 10 liquor stores to get the bucks I would need to complete the refinance program. I have never been late on a payment in almost 10 years. Thanks

Hi Geodude,

There is no magic phrase to request the mortgage company to do a novation. You will have to negotiate with the lender and convince him for novation. It will be completely the lender's discretion whether or not he will consider your request.

Hi, I've been left a house & land and I'd like to get a mortgage to renovate the house. In order to get a mortgage, obviously they will need the deeds as security, right? Problem is, that there is already a loan with the overall farm(including house) providing security for that loan. There isn't long left for the loan to run. What are my options? Can I get my share taken off this previous loan? Any help would be greatly appreciated!

Brian

Hi Brian,

You can refinance the existing mortgage in order and take a cash out in order to renovate the property.

Thanks

After the divorce I signet quit clam to the house purchased together with my ex. My name is still on the mortgage. He now want to refinance it, but it would requre my agreement and signature to do so. With his income he is unable to refinance it to himself.
I know I have an obligation to pay the mortgage if he stops making payment, but do I have any rights? Can I force an ex to sell the house? There was not anything in the divorce paper about sell of the house.
Thanks.

Hi noor,

A similar query has been replied to in this given page:
http://www.mortgagefit.com/quitclaim/novation-house-purchase.html

Take a look at it. I hope it will help you.

Dad passed away but had a mortgage,he Q-Claimed the home to his girlfriend

hi guest,

as the property has been quitclaimed to the girlfriend, she will be considered as the owner of the property. she can refinance the mortgage in her name and take over the loan.

a year ago my older son quitclaimed house to me . i am paying off the monthy payments in 5 years. how do i report the mortgage taxes and interest to irs? i am charging rent-under fair market- from my younger son. i am using turbo tax. do i report the property tax and interest as if the mtg is mine? How do i file for my property -homeowners- refund? I am paying the PITI....My older son is not claiming anything from the home; he left the US and lives in my original country in S. America.

Hi deon,

You should contact a tax adviser and he will guide you in knowing how you should fill out the form.

Thanks