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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...
My ex-husband has presented me with a special warrant deed. If I sign this, does this mean he can come back and make me pay for repairs on the house. Which deed would be in my best interest.
Posted on: 12th May, 2009 09:15 am
Hi

A special warranty deed is used to transfer property title. If you sign the deed as a grantor you'll relinquish all your rights in the property and will have no interest in it. In such a situation, you'll not be responsible to pay for its repairs. But keep in mind that once you sign the deed you'll have no ownership in the property.
Posted on: 16th May, 2009 06:24 am
my question seems to concern a common theme. my fiance and i broke up, but before we did we bought a house together. at the time i moved out and we split the payment with the agreement that he would refinance. he was unable to refinance so he took over the full payments if i gave him a little more time. the problem is, now a year and a half later he has not refinanced and my name continues to be on the property. do i have any rights concerning the house? can i force him to sell or refinance?
Posted on: 28th May, 2009 07:52 pm
Hi Cheryl,

You cannot force him to refinance, unless there is any legally valid agreement between you and him wherein he agreed to refinance within a certain time. If you're on the title, you have a legal right to the property and you can force a sell of the house. You'll have to file a partition lawsuit in the court in order to do that.

Thanks,

Jerry
Posted on: 29th May, 2009 05:51 am
this is definitely a recurring theme. i won't go on about two or more unrelated people purchasing a home together and the ills that can generate, but it's certainly part of the overall problem.

as for the circumstances so many folk find themselves in these days - with the decline in home values across the nation, it has become impossible for parties who have split from each other to accomplish the refinancing that they had agreed upon.

i don't have a solution to this problem, save waiting out the market, and while i feel it's too bad for those who have vacated properties yet still have obligations, i think these same people need to be a bit more understanding of the other party's inability to refinance.

in this marketplace, values have plummeted, borrowers have lost income either due to job loss or hours being cut, credit score requirements have gone up and credit scores themselves have gone down. this confluence of negative factors are more the driving force in people's inability to refinance than an outright refusal to do so is.

i hope we - nationally - can become a more patient people.
Posted on: 29th May, 2009 08:02 am
Does Massachusetts have a Realtor Board and how can I determine if the company I list my home with IS a REALTOR.
Posted on: 14th Jun, 2009 06:48 pm
i filed a quit claim to my daughter & her husband but did not sign courts recorded it had a QCD did at same time back to me if they divorced to save my credit (mortgage in my name) tried ti file it clerk said it was no good because they did not sign it, but yet they recorded the first one and they dont know how to undo it. Now daughter & husband getting divorce and his atty trying to make it some kind of trust -- Do I have any hope without big legal fees??
Posted on: 22nd Jun, 2009 12:22 pm
in my opinion, your first question ought to be to an attorney who might be able to save you from big legal fees or charge them, if necessary. good, solid legal advice from an attorney who practices in your area is your first, best source.
Posted on: 22nd Jun, 2009 12:33 pm
My husband an I are will file for divorce in the next month. He is buying a property now and I have signed a Interspousal Transfer Deed. He said that the loan and the title of the new property will be on his name only. Will I be responsible for any debt regarding this property when we divorce? Should I ask him for Novation or any form to make sure I wont be responsible for debt?
Posted on: 22nd Jun, 2009 02:55 pm
Melissa

This was answered in your other post

Good luck
Posted on: 22nd Jun, 2009 08:12 pm
Hi My husband and i are looking in purchasing our first home, but using my dad as cosigner. how can we use my dad's credit to get the loan , but then remove him from any responsibility on the property just in case things don't work out with my husband? In other words, how can i make sure that the efforts that my parents do, won't affect them negatively in the case that my husband bails?
Posted on: 07th Jul, 2009 08:19 am
wow...it's nice to plan ahead, but isn't it carrying it all a little bit too far when you're already concerned about your husband bailing?
Posted on: 07th Jul, 2009 08:23 am
hi- my husband and i are wanting to transfer ownership of our second home to my brother who has bad credit ... how do or can we do that while still making mortgage payments?
Posted on: 07th Jul, 2009 09:49 am
Novation means-


The substitution of a new contract for an old one; or the substitution of one party in a contract with another party.

or


The replacement of existing debt or obligation with a new one.
Posted on: 07th Jul, 2009 10:30 am
my husband bought a home and is the primary owner. His parents co-signed. We were told that there is no way we could refinance and have his parents assume the mortgage payments, title, etc and have his name taken off of the mortgage completely since they are only co-signers. Is this true? If so, what can we do to get his name taken off and into his parents name?
Posted on: 09th Jul, 2009 06:35 pm
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