Posted on: 06th Feb, 2009 09:22 am
my ex-fiance & i bought a home together two years ago. we have recently split up and he wants to keep the house. what are the pros & cons for getting a release of liability from the mortgage and a quit claim? am i better off just making him refinance to get my name off the house? please help!
hi owner,
yes, refinance is, certainly, a good option to get your name off the mortgage liability. however, you can, also, quitclaim your share of property to your ex-fiance and then file a novation through which you can replace yourself as the old debtor with your ex as the new debtor, subject to bank approval, so that you become free from the debt liabilities.
yes, refinance is, certainly, a good option to get your name off the mortgage liability. however, you can, also, quitclaim your share of property to your ex-fiance and then file a novation through which you can replace yourself as the old debtor with your ex as the new debtor, subject to bank approval, so that you become free from the debt liabilities.