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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...
want to sell my fathers home. i am poa. father has outstanding debt. my brother and i did a quit claim deed. though i am living in home paying mtgand all repairs n remodeling. do i need brothers permission to sell? how do i protect the oney i have invested?
Posted on: 12th May, 2013 10:09 pm
Hi Jeanna!

Welcome to the forums!

If both of you are the owners of the property, then you will have to take your brother's permission to sell off the property. After the property is sold off, you can claim your invested amount in the property from your brother.

Feel free to ask if you've further queries.

Sussane
Posted on: 13th May, 2013 09:32 pm
can you request a novation even if your ex goes through bankrupcy to reclaim morgage. Also I have done a transfer of deed claiming no interest of the home.
Posted on: 24th Jul, 2013 08:54 pm
Hi kct!

Welcome to the forums!

If you have no interest in the property, then the lender will not be ready to provide you the option of novation.

Feel free to ask if you've further queries.

Sussane
Posted on: 24th Jul, 2013 10:50 pm
hi! My husband and I would like to assume my moms current mortgage! I moved from calif. to nevada in feb 2013 to take care of my elderly mother. I am the only child in her will. she left me the home, however she has a mortgage on it! my husband works in calif and comes up here on weekends. what is the best way to do this without costing us any money? assusme the current loan? novation? quit claim? thanks.......... :}
Posted on: 22nd Aug, 2013 09:49 pm
Hi Hillary,

You should check out the mortgage docs in order to find out if the assumption clause is mentioned on it. If yes, then you can assume the loan. However, most lenders will prefer a refinance compared to an assumption.
Posted on: 25th Aug, 2013 10:18 pm
I have a cousin who's dad left him a home in 2011. It hasn't been transferred into his name yet. The mortgage is about to go into foreclosure.... We want to catch mortgage up and have him do a transfer of deed to us. Is this possible? We can't get the $to pay it off until next month it's tied up. If we do the transfer of deed and pay the mortgage until we pay it off will we be safe having the deed in our name? Even though mortgage is not yet?
Posted on: 17th Sep, 2013 08:42 am
Hi Dale,

You can ask your cousin to sign a quitclaim deed and transfer your property to him. Then you can refinance the mortgage in your name. This will make you the sole owner of the property and the mortgage.

Thanks
Posted on: 17th Sep, 2013 11:26 pm
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